No. 1456 approving an application for real property tax deduction (Nimet Industries, Inc., 2424 Foundation Dr.)

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Redevelopment Commission Tax Abatement -Nimet Industries August 26, 1996 Page 2 Per the petition, it is estimated that this project will create nine (9) new permanent full -time jobs within the first year, representing an annual payroll of $190,000 and will maintain seventy (70) permanent full -time and five (5) permanent part -time jobs, representing an annual payroll of $1,500,000. REPORT SUMMARY 1. A review of the tax abatements previously granted finds that the petitioner has been granted two previous tax abatements. The first, a three year real property abatement granted on October 22, 1990 through resolution no. 1819 -90 and the second, a five year personal property abatement granted on May 11, 1992 through resolution no. 1941 -92. The petitioner is in compliance with the reporting requirements for the previous abatements. 2. The building commissioner has reviewed the petitions and finds the property to be properly zoned for the proposed use. 3. A review of the Redevelopment designation areas finds that the property is located in the Airport Economic Development Area, which is a Tax Incremental Allocation Area, therefore, the petitions first require the approval of the South Bend Redevelopment Commission. 4. A review of the tax abatement ordinance (no. 8065 -90) finds that the petitioner meets the qualifications for a six (6) year real property tax abatement under Section 2 -82 (Industrial Development -City Wide) and meets the qualifications for a five (5) year personal property tax abatement under Section 2 -84.2 (Tangible Personal Property Tax Abatement).