Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -February 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />final assembly. The new equipment consists <br />of various inserting, sorting and document <br />management systems and data processing <br />equipment. <br />It is estimated that the total project will <br />create five new permanent, full-time jobs and <br />six new part-time jobs within the first year, <br />representing a new annual payroll of <br />$250,000. This is a totally new facility, so <br />there are no existing employees. <br />The property is properly zoned for the <br />proposed use. The property falls within the <br />Airport Economic Development Area, a tax <br />increment allocation area; therefore, the <br />petitions for tax abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. The project qualifies for five <br />years of personal property tax deduction and <br />four years of real property tax deduction <br />under the tax abatement ordinance. <br />Based on the $1,216,873 cost of equipment, <br />the total taxes to be abated during the five- <br />year personal property abatement period are <br />estimated at $74,138. Total taxes to be paid <br />during the same period are $38,580. Staff <br />recommends approval. <br />Mr. Downes asked Mr. Rhoa why the <br />company decided to locate in South Bend. <br />Mr. Rhoa responded that the company has <br />been looking for two years for a place to <br />expand in Michigan, Ohio or Indiana. South <br />Bend was chosen because of the number of <br />