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Redevelopment Commission <br />Tax Abatement- MasterbiIt <br />January 30, 1996 <br />Page 2 <br />Per the petition, it is estimated that this project will create one (1) new permanent <br />full -time jobs within the first year, representing an annual payroll of $25,000 and will <br />maintain nine (9) full -time and part -time jobs, representing an annual payroll of $250,000. <br />REPORT SUMMARY <br />1. A review of the tax abatements previously granted finds that the petitioner has not <br />been granted any previous tax abatement consideration. <br />2. The building commissioner has reviewed the petition and finds the property to be <br />properly zoned for the proposed use. <br />3. A review of the tax abatement designation areas finds that the property is not <br />located in an area presently designated as a Tax Abatement Impact Area, however, <br />the property is located in the Economic Development Target Area and the Urban <br />Enterprise Zone. <br />4. A review of the Redevelopment designation areas finds that the property is located <br />in the West Washington /Chapin Development Area, which is a Tax Incremental <br />Allocation Area, therefore, the petition first requires the approval of the South Bend <br />Redevelopment Commission. <br />5. A review of the Tax Abatement Ordinance (No. 8065 -90) finds that the petitioner <br />meets the qualifications for a five (5) year personal property tax abatement under <br />Section 2 -84.2 (Tangible Personal Property Tax Abatement). <br />