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South Bend Redevelopment Commission <br />Regular Meeting - May 20, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. Continued... <br />It is estimated that the project will create <br />fifteen new jobs within the first year, with <br />an annual payroll of $242,500 and twenty - <br />one new jobs within two years with an <br />annual payroll of $310,000. The project <br />will also maintain ninety -two existing <br />permanent full time and part time jobs <br />representing an annual payroll of <br />$1,590,584. <br />Midwest Embroidery was granted a <br />personal property tax abatement on <br />March 14, 1994. The property is properly <br />zoned for the proposed use. The property <br />is not located in an area presently <br />designated as a Tax Abatement Impact <br />Area. The property is located in the <br />Airport Economic Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area. The project meets the <br />qualifications for a ten year real property <br />tax abatement under the Tax Abatement <br />Ordinance. <br />A review of the cost of this tax abatement <br />shows that, without abatement, the project <br />would generate approximately $681,753 in <br />new taxes over the ten year period. With <br />abatement, the project will generate <br />approximately $344,285. Therefore, the <br />cost of the abatement over the ten year <br />period will be approximately $337,468. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1251 <br />approving an application for real property <br />-7- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1251 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT TOLL ROAD <br />INDUSTRIAL PARK, LOT 15, IN THE <br />