Confirming Tax Abatement - Vacant land in the Airport Development area - Olive Cleveland Partners LLC

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South Bend Common Council RE: Tax Abatement for Olive Cleveland Partners LLC August 15, 2007 Page 2 Total taxes to be abated during the (7) seven-year abatement period are estimated at $443,233 to $770,549 depending on the size of the warehouse.. Total taxes to be paid during the (7) seven-year abatement period are estimated at $334,369 to $581,291 depending on the size of the warehouse. . EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create (4) four new, permanent, full-time jobs and (0) zero part-time, permanent jobs within the first year representing a new annual payroll of $102,000. It will maintain 25 existing permanent full-time and 0 existing permanent part-time jobs with an annual payroll of $690,000. . ABATEMENT QUALIFICATION A review of the tax abatements previously granted finds that the petitioner has not been granted or associated with any previous tax abatements: 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the Airport Economic Development Area, which is a Tax Incremental Allocation Area; therefore, the petition for real property tax abatement must first be approved by the South Bend Redevelopment Commission. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner does meet the qualifications fora (7) seven-year real property tax abatement under Section 2-79, Warehouse Developments in the City-wide District.