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South Bend Common Council <br />RE: Tax Abatement for Tuliptree Associates, LLC/PEI-Genesis, Inc. <br />June 19, 2006 <br />Page 2 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will create five (12) new, permanent, full-time <br />jobs within the first year representing a new annual payroll of $340,000. The project will also <br />maintain 140 existing permanent full-time jobs and (4) four existing, permanent part-time jobs <br />representing an annual payroll of $3,700,000. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted, finds that the petitioner has been granted <br />or associated with one previous tax abatement: <br />Term/Type Resolution No. Date <br />6-year real property 3083-02 4/22/02 <br />2. The building commissioner has reviewed the petition and finds the property to be properly <br />zoned for the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the property is <br />located in the Airport Economic Development Area, which is a Tax Incremental Allocation <br />Area; therefore, the petition for real property tax abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />4. A review of the Tax Abatement Ordinance (no. 9394-03) finds that the petitioner does meet <br />the qualifications for an (8) eight-year real property tax abatement under Section 2-82 <br />(Industrial Development City-Wide). <br />•• ,.~: <br />~~~"fit <br />~~ ~`' `° <br />~ ~~~~ ~~ ~pp6 <br />J~~~ 2 ~ ` . <br />~p~1t~V~~ Q~10,~~' <br />