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South Bend Redevelopment Commission <br />Regular Meeting —March 1, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />Rehabilitation costs for the project include <br />expenses for the virtual gutting of <br />significant portions of the facility and the <br />creation of traditional professional suites. <br />Additional costs will be incurred for <br />substantial exterior clean up, the <br />installation of additional exterior lighting <br />and a comprehensive security system. The <br />total rehabilitation costs are estimated at <br />$685,000. <br />It is estimated that this project will create <br />four (4) new permanent jobs within the <br />first year, representing a new annual <br />payroll of $132,500 (for an average salary <br />of $33,125 per position). The project will <br />also maintain twenty -seven (27) existing <br />permanent jobs representing an annual <br />payroll of over $1,000,000 (for an average <br />salary of $37,037 per position). <br />It is also anticipated that within two to five <br />years following completion of the project, <br />the firms currently anticipate hiring one to <br />two additional professional employees, <br />and one to two additional staff positions, <br />with anticipated additional payroll totaling <br />from $125,000 to $200,000. <br />A review of the tax abatements previously <br />granted, finds that the petitioner has not <br />been granted any previous tax abatements. <br />The property is properly zoned for the <br />proposed use. The property is located in an <br />area presently designated as a Tax <br />Abatement Impact Area and is also located <br />