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The project will create four (4) new jobs in the first year representing an annual <br />payroll of $36,000 and will retain 5 existing positions representing an annual payroll of <br />$103,000. <br />OTHER ITEMS <br />1. Several items were omitted from the original petition, however, the attached letter <br />from the petitioner's counsel addresses each item and adequately complies with each <br />requirement. The letter was filed with the City Clerk's Office and is a part of the <br />petitioner's file. <br />2. The property is properly zoned for the proposed use. A copy of the report from the <br />Building Commissioner is attached. <br />3. The property is located in an area presently designated as a Tax Abatement Impact <br />Area by the South Bend Common Council. <br />4. The property is located in a Tax Incremental Financing Allocation Area. The <br />Redevelopment Commission considered this abatement petition at its regularly <br />scheduled meeting on Friday, December 18, 1992. A copy of their resolution is <br />attached. <br />5. The petitioner has applied for three (3) years of real property abatement under <br />section 2 -78.1 (Office Developments Within Tax Abatement Impact Area), although their <br />project does not meet the minimum requirement of 7,500 square feet. In it's bid to <br />the Redevelopment Commission, the petitioner was allowed to include 7,880 s.f. of the <br />drive -thru lanes to meet the minimum requirements set by the Redevelopment Commission <br />for building on the property. Combining the building, canopy and allowable square <br />footage of the drive -thru lanes would bring the total usable square footage to <br />12,380. <br />3 YEAR <br />Real Property Abatement Schedule <br />-------------------------- - - - - -- <br />Total estimated Project <br />Base Assessed Value: <br />(Approx. 1/3 Project <br />Assume constant tax rate <br />Cost: $403,000 <br />$134,333 <br />Cost) <br />of: 14.1441 <br />Assessed Tax <br />Year °s Abated Value Abated <br />1 100 $0 <br />2 66 45,673 <br />3 33 90,003 <br />Tax <br />Paid <br />$19,000 $0 <br />12,540 6,460 <br />6,270 12,730 <br />$37,810 $19,190 <br />Without Abatement: $57,001 <br />With Abatement: 19,190 <br />Amount Abated: 37,810 <br />