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South Bend <br />Regular MeE <br />6. NEW BUSI <br />f. Cont <br />Redevelopment Commission <br />ting - October 10, 1986 <br />NESS (Cont.) <br />ratifying and confirming Resolution No. 783 <br />red claring the Rum Village Industrial Park to <br />be blighted and amending the development plan. <br />c. Cormission approval requested for Resolution <br />No. 787 approving an application for personal <br />property tax deduction for Original Foods. <br />Hed read into the record the Departments <br />review of the petition. <br />11 information requested on the petition <br />s supplied. <br />The property is properly zoned for the <br />roposed use as verified by the Building <br />Mr. <br />in <br />'he property is located in an area <br />iesignated as a Tax Abatement Impact Area <br />)y the South Bend Common Council. <br />'he property is located in a Tax <br />ncremental Financing Allocation Area. <br />'he project will create 8 new, permanent <br />ull -time jobs, representing a new annual <br />aayroll of $140,000.00. <br />eal Property taxes paid at this location <br />uring the previous five years totaled <br />3,010.92. <br />etitioner estimates the market value of <br />he new equipment after installation is <br />92,000.00. <br />he estimated amount of taxes to be <br />bated over the five year period is <br />7,335. <br />.havez explained that Original Foods will <br />`acture corn and flour tortillas to supply <br />restaurants. He sees the employment <br />:h potential for the business as <br />sited. He has sold 24,000 shares of stock <br />ie company. <br />0015 <br />