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South Bend Redevelopment Commission <br />Regular Meeting - June 16, 1995 <br />6. NEW BUSINESS (Cont.) <br />f. continued... <br />permanent part time jobs representing an <br />annual payroll of $1,214,160. <br />A review of the tax abatements <br />previously granted, finds that Business <br />Systems has not been granted any <br />previous tax abatement consideration. <br />The building commissioner has reviewed <br />the petition and has found the property to <br />be properly zoned for the proposed use. <br />The property is not located in an area <br />presently designated as a Tax Abatement <br />AWI Impact Area by the South Bend Common <br />Council. <br />The property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Financing Allocation <br />Area, therefore, the petition for real <br />property tax abatement first requires the <br />approval of the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner meets <br />the qualifications for a three (3) year real <br />property tax abatement. <br />A review of the cost of the tax abatement <br />shows that, assuming a project cost of <br />$800,000 and a constant tax rate, the <br />project will generate approximately <br />$120,890 in new taxes over the three <br />year period without abatement. With <br />-10- <br />