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Redevelopment Commission Meeting <br />IL Regular Meeting — September 17, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(3) continued... <br />total cost of the project is estimated at <br />$350,000. <br />Per the petition, it is estimated that the <br />project will create four (4) new jobs within <br />the first year, representing a new annual <br />payroll of $180,000. The estimated annual <br />salary for each new job will be $45,000. The <br />project is also expected to retain forty -two <br />(42) existing jobs, representing an annual <br />payroll of $2,604,575. <br />The petitioner has been granted five previous <br />tax abatements since 1990. The petitioner is <br />in compliance with the reporting <br />requirements for each of the previous <br />abatements. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed project. <br />The petitioner has completed and submitted <br />the required Memorandum of Agreement for <br />the requested abatement. <br />The property located at 2820 Viridian Drive <br />is located in the Airport Economic <br />Development Area, which is a Tax Increment <br />Allocation Area; therefore, the petition for <br />real property tax abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. <br />The project meets the qualifications for a five <br />(5) year real property tax abatement under <br />IL 22 <br />