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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting —July 3, 2003 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) continued... <br />within the first year, representing a new <br />annual payroll of $338,000. The project will <br />also maintain 112 existing full -time <br />positions representing an annual payroll of <br />$4,850,000. <br />A review of the tax abatements previously <br />granted, finds that the petitioner and General <br />Sheet Metal Works have been granted three <br />previous tax abatements. The petitioner and <br />General Sheet Metal Works are in <br />compliance with the reporting requirements <br />for the previous abatements. The building <br />commissioner has reviewed the petition and <br />r finds the property to be properly zoned for <br />the proposed project. A review of the South <br />Bend Redevelopment designation areas <br />finds that the property is located in the <br />Sample Ewing Development Area, which is <br />a Tax Incremental Allocation Area; <br />therefore, this petition for real property tax <br />abatement first requires the approval of the <br />South Bend Redevelopment Commission. <br />[A <br />A review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a ten (10) year real <br />property tax abatement. <br />Based on a total project cost of $600,000 the <br />cost of the tax abatement is as follows: <br />5 <br />