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South Bend Redevelopment Commission RE: Tax Abatement for R2 Diagnostics, Inc. April 17, 2012 Page 2 for German Township results in $18,421 of tax being abated. Total taxes to be paid using Portage Township tax rates during a (5) five -year abatement period are estimated at $29,068. Total taxes to be paid using German Township tax rates during a (5) five -year abatement period are estimated at $28,964. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create at least two (2) new, permanent, full -time jobs in the first year of production representing a new annual payroll of at least $65,000. The project will maintain fifteen (15) existing, permanent, full -time jobs and one (1) part-time job with a total annual payroll of $800,000. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has not been granted any previous tax abatements. The related company, Enzyme Research Laboratories has been associated with the following abatement: Type Resolution Number Date 5 year personal property abatement 3555 -06 January 23, 2006 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the Airport Economic Development Area, which is a Tax Incremental Allocation Area; therefore, the petition for personal property tax deduction must first be approved by the South Bend Redevelopment Commission. 4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the qualifications for a (5) five -year personal property tax abatement under section 2 -84.2, Tangible Personal Property Tax Abatement.