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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 />(2) Continued... <br />Per the petition, it is estimated that the project <br />will create between six and ten new, permanent, <br />full -time jobs representing a new annual payroll <br />of between $210,000 and $350,000 (average of <br />$35,000). <br />The petitioner has not been granted any previous <br />tax abatements. The property is properly zoned <br />for the proposed project. It is located in the <br />Sample -Ewing Development Area, which is a <br />Tax Incremental Allocation Area. The petition <br />for 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 $500,000 <br />the total estimated taxes on the personal <br />property investment, without abatement, would <br />be approximately $51,746. With a five year <br />personal property tax abatement the taxes would <br />be approximately $17,711. Therefore, the cost <br />of the five year personal property tax abatement <br />would be approximately $34,035. <br />Mr. Beitzinger introduced Mr. Putrich and <br />Mr. Heffelfinger from AQM Products. <br />Mr. Heffelfinger handed out pictures of the <br />equipment to clarify the types of equipment they <br />use. He explained that AQM Products is a <br />manufacturing business. He indicated that if <br />there were any specific questions about the types <br />of products they would be manufacturing Mr. <br />Putrich would be able to answer them. <br />n <br />