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South Bend Common Council <br />RE: Tax Abatement for Precision Millwork & Plastics, Inc. <br />May 23, 2006 <br />Page 2 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total proj ect will create five (5) new, permanent, full- <br />timejobs representing a new annual payroll of $100,000. The project will also maintain thirty (30) <br />existing permanent full-time jobs and one (1) part-time job representing an annual payroll of <br />$720,000. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted, finds that the petitioner has been granted or <br />associated with two previous tax abatement: <br />Term/Type Resolution No. Date <br />3 year real property 1978-92 10/25/1992 <br />6 year personal property 2373-96 12/18/1995 <br />5 year real property 2318-95 6/24/1996 <br />2. The building commissioner has reviewed the petition and finds the property to be properly zoned <br />for the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the property is located in <br />the Airport Economic Development Area, which is a Tax Incremental Allocation Area, therefore, <br />the petition for real property tax abatement must first be approved by the South Bend <br />Redevelopment Commission. <br />4. A review of the Tax Abatement Ordinance (no. 9394-03) finds that the petitioner does meet the <br />qualifications for a three (3) year real property tax abatement under Section 2-82 (Industrial <br />Development City-Wide). <br />