Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - June 3, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />and provide for much needed space for <br />future expansion. It is estimated that the <br />building will cost between $450,000.00 <br />and $500,000.00. It is estimated that <br />this project will create six new jobs <br />within the first year with an annual <br />payroll of $110,000.00. The project will <br />also maintain 30 existing permanent full <br />time and 2 part time jobs with an annual <br />payroll of $650,000.00. A review of <br />this petition finds that the petitioner has <br />not been granted any previous tax <br />abatements. The property is properly <br />zoned for the proposed use, and is not <br />located in an area presently designated as <br />a tax abatement impact area. However, <br />the property is located in the Airport <br />Economic Development Area and <br />therefore, the petitioner needs the <br />approval of the South Bend <br />Redevelopment Commission. The <br />review also finds that the petitioner <br />meets the qualifications for a three year <br />real property tax abatement under <br />Section 2 -82 plus industrial development <br />city wide. <br />Assuming a project cost of $475,000 and <br />a constant tax rate, the project will <br />generate approximately $70,603 in new <br />taxes over the three year period, without <br />abatement. With abatement, the project <br />will generate approximately $23,770 in <br />new taxes over the three year period. <br />Therefore, the cost of the abatement will <br />be approximately $46,833. <br />-4- <br />