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South Bend Redevelopment Commission <br />LRegular Meeting —March 15, 2002 <br />:4 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />Per the petition, it is estimated that this <br />project will create three (3) new <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />approximately $252,500 (for an average <br />salary of $84,166 per position). The <br />project will also maintain thirteen (13) <br />existing permanent full -time jobs and <br />one part-time job representing an annual <br />payroll of $995,000 (for an average <br />salary of $73,703 per position). <br />A review of the tax abatements <br />previously granted, finds that the <br />petitioner has not been granted any <br />previous tax abatements. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed project. <br />The property is located in an area <br />designated as a Tax Abatement Impact <br />Area by the South Bend Common <br />Council. The property is also located in <br />the West Washington- Chapin <br />Development Area which is a Tax <br />Incremental Allocation Area, therefore <br />the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance finds that the <br />petitioner meets the qualifications for a <br />three (3) year real property abatement. <br />2 <br />