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South Bend Redevelopment Commission <br />Regular Meeting -December 21, 2007 <br />The project is expected to create fifteen full- <br />time permanent jobs within the first year with <br />an estimated annual payroll of $904,000. In <br />addition, the project will maintain seventeen <br />existing permanent full-time jobs with an <br />annual payroll of $1,160,000. <br />Ryan Fireprotection has not had any previous <br />abatements. The property is properly zoned <br />for the proposed use. The property is within <br />the Airport Economic Development Area, a <br />tax increment allocation area; therefore the <br />petition for real property tax abatement must <br />first be approved by the South Bend <br />Redevelopment Commission. The property <br />qualifies for six years of real property tax <br />deduction under the tax abatement ordinance. <br />At a project cost of $1,103,650, the taxes that <br />would be abated over the six year period are <br />estimated at $132,786. The taxes to be paid <br />by the new project over the same period are <br />estimated at $93,552. <br />Mr. King asked how much taxes are <br />collected for that property now. Mr. Mathia <br />responded $1,993 per year. <br />Mr. Downes made a motion to approve <br />Resolution No. 2423 approving an <br />application for real property tax deduction <br />for property located at 3950 William <br />Richardson Court in the Airport Economic <br />Development Area. Mr. King seconded the <br />motion. The motion carried on a vote of <br />three to one with Mr. Peczkowski opposed. <br />B. South Bend Central Development Area <br />(1) Commission approval requested for <br />Resolution No. 2421 related to acquisition <br />of property in the South Bend Central <br />COMMISSION APPROVED RESOLUTION NO. 2423 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3950 WILLIAM RICHARDSON <br />COURT IlV THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA <br />4 <br />