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South Bend Redevelopment Commission <br />gular Meeting - April 21, 1995 <br />6. NEW BUSINFSS (Cont.) <br />b. continued ... <br />20,000 square foot building. The <br />building addition will allow the company <br />to grow in both sales and employee base. <br />The efficiencies gained by the new <br />addition will enable the company to <br />become more competitive in a highly <br />competitive marketplace. The total <br />projected cost of the building addition is <br />estimated to be $525,000. <br />The project will create between eight and <br />ten (8 -10) new permanent jobs within the <br />first year representing an annual payroll <br />of $195,000 and will maintain eighteen <br />(18) existing permanent full time and <br />ten (10) existing part time jobs with an <br />ILI annual payroll of $500,000. <br />The petitioner was granted a real <br />property tax abatement on February 28, <br />1994. The property is not located in a <br />'Pax Abatement Impact Area. However, <br />it is located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Financing Allocation Area, <br />therefore the petition must first be <br />approved by the South Bend <br />Redevelopment Commission. The <br />project qualifies for six years of real <br />property tax abatement under the Tax <br />Abatement Ordinance. <br />Without abatement, the taxes resulting <br />from the project would be approximately <br />$158,773. With abatement, the taxes are <br />estimated to be approximately $65,626. <br />in <br />