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South Bend Common Council <br />RE: Tax Abatement for Ryan Fireprotection, Inc. <br />December 17, 2007 <br />Page 2 <br />Total taxes to be abated during the (6) six-year abatement period are estimated at $132,786. <br />Total taxes to be paid during the (6) six-year abatement period are estimated at $93,552. <br />EMPLOYMENT IMPACT <br />Per the petition, the project will create fifteen (15) full-time permanent jobs within the first year with <br />an estimated annual payroll of $904,000. In addition, the project will maintain seventeen (17) <br />existing, permanent, full-time jobs with an annual payroll of $1,160,000. <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted finds that the petitioner has not been granted <br />or associated with any previous tax abatements. <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 located <br />in the Airport Economic Development Area, which is a Tax Incremental Allocation Area; <br />therefore, 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 an (6) six-year real property tax abatement under Section 2-82, Industrial <br />Development City-Wide. <br />