No. 1849 approving an application for real property tax deduction (110 S. Hill St.)

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South Bend Redevelopment Commission RE: Tax Abatement for J & J Leasing (UL /EHL) October 15, 2001 Page 2 In April 2001, EHL was purchased by Underwriters Laboratories (UL). UL wants to continue the tremendous growth that EHL has experienced in the past few years by nearly tripling the size of the facility with a 50,000 square feet building addition. The total cost of the new building is estimated at $7 million. UL will also be investing additional funds for new instrumentation, furniture, fixtures and infrastructure improvements. EMPLOYMENT IMPACT Per the petition, it is estimated that this project will create thirty -two (32) new permanent jobs within the first year, representing a new annual payroll of $1,256,096 (for an average salary of $39,253 per position). The project will also maintain 91 existing permanent full time jobs and 12 part time jobs representing an annual payroll of $3,925,255 (for an average salary of $40,467 per position). The expansion plan will also permit UL to move existing business programs from other UL facilities to the enlarged South Bend facility with the potential for 150 new jobs within the next 5 years. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner has been granted one previous tax abatement and it is as follows: Term /Type Resolution No. Date 6 year real property 1985 -92 November 9, 1992 The petitioner is in compliance with all of the reporting requirements for the previous abatement. 2. The building commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review of the tax abatement designation maps finds that the property is located in an area presently designed as a Tax Abatement Impact Area by the South Bend Common Council.