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South Bend Redevelopment Commission <br />Regular Meeting— December 7, 2001 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements (Continued...) <br />(1) Continued... <br />Per the petition, it is estimated that this project <br />will create 14 new, permanent, full -time jobs <br />representing a new annual payroll of $434,000 <br />(average of $31,000). The project will also <br />maintain 94 existing permanent full time jobs <br />representing an annual payroll of $3,150,000 <br />(average of $33,510). <br />The petitioner has been granted several previous <br />real and personal tax abatements over the last 13 <br />years and they are in compliance with the <br />reporting requirements for these abatements. <br />Ce The property is properly zoned for the proposed <br />project. It is located in the Airport Economic <br />Development Area, which is a Tax Incremental <br />Allocation Area, therefore, the petition for <br />personal property tax abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. <br />The petitioner meets the qualifications for a five <br />year personal property tax abatement under the <br />tax abatement ordinance. <br />Based on projected equipment costs of <br />$4,100,000 the total estimated taxes on the <br />personal property investment, without <br />abatement, would be approximately $422,513. <br />With a five year personal property tax abatement <br />the taxes would be approximately $144,613. <br />Therefore, the cost of the five year personal <br />property tax abatement would be approximately <br />$277,900. <br />4 <br />