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South Bend Redevelopment Commission <br />Regular Meeting —May 2, 2003 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) continued... <br />permanent full -time and 21 existing <br />permanent part-time jobs which will be <br />retained. These positions represent an <br />annual payroll of $288,027. <br />Bravokilo has not been granted any previous <br />tax abatements. The property is properly <br />zoned for the proposed project. The property <br />is located in an Economic Development <br />Target Area which is a requirement for retail <br />establishments seeking real property tax <br />abatement. The property is located in the <br />South Bend Central Development Area <br />which is a Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. A <br />review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a three (3) year real <br />property abatement. <br />Total project cost: $842,000. <br />L5 <br />Estimated taxes <br />over 3 yrs <br />Without abatement <br />$90,914 <br />With 3 -yr abatement <br />$18,000 <br />Estimated cost of 3 -yr <br />abatement <br />$36,000 <br />L5 <br />