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South Bend Redevelopment Commission <br /> Regular Meeting—April 24, 2012 <br /> Township tax rates during a five-year <br /> abatement period are estimated at $28,964. <br /> Per the petition, it is estimated that the total <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 that there are 15 <br /> employees versus the 50 Ms. Hahn <br /> mentioned. Ms. Hahn misspoke. Also, he <br /> mentioned that the company has been a good <br /> tax-payer throughout the last five years and <br /> they've paid 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. He <br /> offered a copy of what the specific <br /> equipment is and also introduced Mr. Mike <br /> Morris, owner, R2 Diagnostics to discuss his <br /> business. <br /> Mr. Varner recalled when ERL was on <br /> Lafayette Street then moved to Commerce <br /> Drive. Is R2 a separate business entirely? <br /> Mr. Morris noted that it is a separate <br /> company. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED RESOLUTION No.3031 <br /> APPROVING AN APPLICATION FOR PERSONAL <br /> 7 <br />