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South Bend Redevelopment Commission <br />Regular Meeting - July 21, 1995 <br />6. NEW BUSINESS (Cont.) <br />g. continued... <br />It is estimated that this project will create <br />two hundred (200) new permanent jobs <br />within the first year representing an annual <br />payroll of $8,000,000. <br />A review of the tax abatements previously <br />granted finds that this petitioner has not been <br />granted any previous tax abatement <br />consideration. The property is properly <br />zoned for the proposed use. The property is <br />not located in an area presently designated <br />as a Tax Abatement Impact Area. The <br />property is located in the Airport Economic <br />Development Area which is a Tax <br />Incremental Financing Allocation Area; <br />therefore, the petitions first require the <br />approval of the South Bend Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance shows that the project <br />meets the qualifications for a ten (10) year <br />real property tax abatement and for a five <br />(5) year personal property tax abatement <br />Without real property abatement the <br />$4,000,000 project would generate <br />approximately $2,016,160 in new taxes over <br />the ten year period. With abatement, the <br />project will generate $1,018,161 in new <br />taxes. Therefore, the cost of the abatement <br />will be approximately $997,999 over the ten <br />year period. <br />Without personal property abatement, the <br />$20,000,000 in new equipment would <br />generate approximately $1,955,676 in new <br />taxes over the five year period. With <br />11 <br />