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South Bend Redevelopment Commission <br />Regular Meeting -January 3, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />() continued... <br />in the 9,000 sft building at Enzyme Research <br />Laboratories' 412 S. Lafayette Blvd. facility. <br />The real property tax abatement is for rehab <br />of the 25,423 sft Commerce Drive facility. <br />The project will result in increased <br />production capacity and an expanded product <br />line. The estimated cost of the rehab is <br />$1,000,000. <br />The personal property abatement is for <br />$800,000 of equipment. <br />It is estimated that the project will create six <br />new, permanent, full-time jobs representing a <br />new annual payroll of $300,750. The project <br />will also maintain eleven existing permanent <br />full-time jobs with an annual payroll of <br />$324,200. <br />Enzyme Research Laboratories has had no <br />previous tax abatements. The property is <br />properly zoned for the proposed use. The <br />property is located in the Airport Economic <br />Development Area; therefore, the petition for <br />both real and personal property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The project qualifies for an eight-year real <br />property tax abatement and afive-year <br />personal property tax abatement under the <br />tax abatement ordinance. <br />Based on rehabilitation costs of $1,000,000 <br />for the facility, the cost of the real property <br />5 <br />