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G <br />South Bend Redevelopment Commission <br />Regular Meeting —April 5, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />$613,000. It is also estimated that this <br />project will help retain five hundred and <br />forty five current jobs, representing an <br />annual payroll of $20,586,000. <br />A review of the tax abatements <br />previously granted, finds that the <br />petitioner (formerly known as AE Piston <br />Products, Inc. and AE Goetze, Inc.) has <br />been granted eight previous tax <br />abatements. The petitioner is in <br />compliance with the reporting <br />requirements for each of the previous <br />abatements. The property to be properly <br />zoned for the proposed project. <br />The property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area; <br />therefore, the petition for real property <br />tax abatement must first be approved by <br />the South Bend Redevelopment <br />Commission. <br />Based on a total project cost of $645,000 <br />the cost of the tax abatement is as <br />follows: <br />lull <br />