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South Bend Redevelopment Commission <br />Regular Meeting —April 24, 2012 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatement <br />(1) continued... <br />project will create at least two new <br />permanent full -time jobs in the first year of <br />production representing a new annual payroll <br />of at least $65,000. The project will maintain <br />fifteen existing permanent full -time jobs and <br />one part-time job with a total annual payroll <br />of $800,000. <br />Ms. Hahn introduced Mr. Jeff McGowan, <br />CPA, R2 Diagnostics, Inc. for any questions <br />the Commission may have. <br />Mr. McGowan noted the company has been a <br />good taxpayer throughout the last five years, <br />paying approximately $205,000 in real <br />property taxes. Enzyme Research <br />Laboratories has paid about $44,000 in <br />personal property tax and R2 has paid about <br />$3,500. Once the tax abatement is complete, <br />they estimate that the $460,000 equipment <br />that they're going to put into service, the <br />abatement would roughly add about $5,000 <br />to the tax roles on an annual basis. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 3031 <br />approving an application for personal <br />property tax deduction for property located at <br />1801 Commerce Drive in the Airport <br />Economic Development Area (R2 <br />Diagnostics, Inc.). <br />COMMISSION APPROVED RESOLUTION NO. 3031 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1801 COMMERCE DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA (R2 <br />DIAGNOSTICS, INC.). <br />