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South Bend Common Council <br />RE: Jade Elephant Holding, LLC (Lake Michigan Mailers; Inc.) <br />February 7, 2008 <br />Page 2 <br />Total taxes to be abated during the (4) four-year abatement period are estimated at $61,526. Total <br />taxes to be paid during the (4) four-year abatement period are estimated at $36,914. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will create five (5) new, permanent, full-time <br />jobs and six (6) new, part-time, permanent jobs within the first year representing a new annual <br />payroll of $250,000. The project is developing a completely new facility and, therefore, does not <br />have any existing employees. <br />ABATEMENT QUALIFICATION <br />1. 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 afour-year (4) real property tax abatement under Section 2-82, Industrial <br />Development; City-wide General Standards. <br />