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South Bend Redevelopment Commission <br />Regular Meeting — February 21, 2003 <br />6. NEW BUSINESS <br />B. Tax Abatements <br />(1) continued... <br />It is estimated that this project will create <br />one new permanent job within the first year, <br />representing a new annual payroll of <br />between $18,000 and $22,000. A review of <br />the tax abatements previously granted, finds <br />that the petitioner has not been granted any <br />previous tax abatements. The building <br />commissioner has reviewed the petition and <br />finds the property to be properly zoned for <br />the proposed project and a review of the tax <br />abatement designation maps finds that the <br />property is located in an area presently <br />designed as a Economic Development <br />Target Area by the South Bend Economic <br />Development Commission. <br />A review of the South Bend Redevelopment <br />designation areas finds that the property is <br />located in the South Bend Central <br />Development Area which is a Tax <br />Incremental Allocation Area, therefore the <br />petition for real property tax abatement must <br />first be approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that the <br />petitioner meets the qualifications for a ten <br />year real property abatement under section <br />2 -77 Multi - Family Real Property Tax <br />Abatement. <br />Based on a total estimated project cost of <br />$1,500,000 the cost of the tax abatement is <br />as follows: <br />IL <br />