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South Bend Redevelopment Commission pecial Meeting - October 26, 1992 6. NEW BUSINESS Mrs. Kolata asked to consider item 6.b. before item 6.a. There was no objection and the agenda was so changed. b. Commission approval requested for Resolution No. 1110 approving an application for real property tax deduction for property located at 3601 Lathrop Street in the Airport Economic Development Area (P.A.I. Properties). Mr. Beitzinger read the staff report on the project. P.A.I. Properties is the owner of property leased to North American Signs, Inc. North American Signs is a manufacturer of electric signs for local, regional and national customers. They also offer installation, maintenance and sign repair. The project calls for a 20,000 square foot expansion of the present facility. The addition will be primarily used for new production space and approximately one third will be used for expanded office space. The total cost of new construction is estimated at $550,000. The project will create ten new permanent, full -time jobs in the first year, representing an annual payroll of $187,000. The project will also maintain sixty existing, permanent, full -time jobs with an annual payroll of $1,900,000. The property is properly zoned for the proposed use. The property is not located in an area presently designated as a Tax Abatement Impact Area. It is, however, located in the Airport Economic Development Area and in a Tax Incremental Financing Allocation Area. The project qualifies for six years of real property tax abatement under the Tax Abatement Ordinance. P.A.I. Properties has not applied for any previous tax abatement. Without abatement, the taxes on this project are estimated to be approximately $155,183. With abatement, the taxes are estimated to be approximately $64,142. -2-