Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting— August 1, 2003 <br />IL 6. NEW BUSINESS <br />A. Tax Abatements <br />(2) continued... <br />performance pistons. The total cost of the <br />new equipment is estimated at $4.45 million. <br />It is estimated that this project will create <br />twelve (12) new permanent jobs within the <br />first year, representing a new annual payroll <br />of $348,000, and will maintain 566 existing <br />permanent full time jobs with an annual <br />payroll of $23,700,000. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed use. A review of the <br />South Bend Redevelopment designation <br />areas finds that the property is located in the <br />Airport Economic Development Area, which <br />is a Tax Incremental Allocation Area; <br />therefore, the petition for personal property <br />tax abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The petitioner meets the qualifications for a <br />five (5) year personal property tax abatement <br />under the tax abatement ordinance. <br />Based on a total estimated equipment cost of <br />$4,448,000 the cost of the tax abatement is <br />as follows: <br />t8 <br />Estimated taxes <br />over five (5) yrs. <br />Without abatement <br />$756,280 <br />With 5 year abatement <br />$244,007 <br />t8 <br />