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South Bend edevelopment Commission <br />Regular Mee ing - October 23, 1987 <br />5. OLD BUSINESS (Cont.) <br />a. uonninuea... <br />misinterpreted question and answer on the <br />application. Mr. Marcus sent a letter <br />clarifying the number of jobs to be <br />created as a result of the <br />rehabilitation. The project will create <br />25 new permanent jobs within the first <br />year with a new annual payroll of <br />$300,000 and will maintain eight existing <br />permanent full time and four existing <br />permanent part time jobs with an annual <br />payroll of $117,800. Based on the number <br />of jobs and the type of project, the <br />project is eligible for 10 years of tax <br />abatement. The staff has recomputed the <br />tax abatement schedule. Assuming a <br />constant tax rate for ten years, without <br />abatement taxes would be $251,300. With <br />abatement, taxes would be $126,904. <br />Therefore, the amount to be abated over <br />the ten year period would be $124,396. <br />Upon a motion by Ms. Auburn, seconded by COMMISSION APPROVED RESOLUTION <br />Mr. Piasecki and unanimously carried, the NO. 815 APPROVING AN APPLICATION <br />Commission approved Resolution No. 815 FOR REAL PROPERTY TAX DEDUCTION <br />appr ving an application for real FOR PROPERTY LOCATED AT 635 S. <br />property tax deduction for property LAFAYEI'TE BLVD. <br />located at 635 S. Lafayette Blvd. <br />6. NEW <br />a. Public Hearing on the Studebaker Corridor PUBLIC HEARING ON RESOLUTION NO. 816 <br />Deve lopment Area <br />Resolution No. 8 <br />No. 309. redecla <br />Develop <br />ing tax <br />th respec <br />conf irmin <br />g the Stu, <br />t Area to <br />location <br />to <br />Resolution <br />sions <br />Mrs. Kolata read in to the record the <br />Studebaker Corridor Development Area <br />Items for Public Hearing: <br />1. original of the Notice of Public <br />earing of the Studebaker Corridor <br />velorment Area. <br />co <br />