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South Bend Redevelopment Commission <br />Regular Meeting - May 5, 1995 <br />5. OLD BUSINESS (Cont.) <br />C. continued... <br />also maintain twenty -six (26) permanent <br />full time and no part time jobs <br />representing an annual payroll of <br />$572,000. <br />The petitioner has not been granted any <br />previous tax abatement consideration. <br />The property is properly zoned for the <br />proposed use. The property is located in <br />an area presently designated as a Tax <br />Abatement Impact Area and is located in <br />the Sample /Ewing Development Area <br />which is a Tax Incremental Financing <br />Allocation Area. Therefore, the <br />petitions for ten years of real property <br />abatement and the petition for five years <br />of personal property abatement first <br />require the approval of the South Bend <br />Redevelopment Commission. The <br />project meets the requirements for ten <br />years of real property tax abatement and <br />5 years of personal property tax <br />abatement under the Tax Abatement <br />Ordinance. <br />Using an estimated project cost of <br />$950,000 the taxes expected to be <br />generated by the proposed project, <br />without abatement, will be approximately <br />$490,000. With a ten year abatement, <br />the taxes will be approximately <br />$247,762. Therefore, the cost of the <br />abatement will be approximately <br />$242,856 over the ten year period. <br />Using the estimated equipment cost of <br />$175,000, the taxes generated by the <br />additional equipment will be <br />approximately $17,533. With <br />In <br />