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South Bend Redevelopment Commission <br />Regular Meeting - October 20, 1995 <br />6. NEW BUSINESS (Cont.) <br />g. continued... <br />This petition for tax abatement deals with the <br />machinery and equipment to be installed at the <br />new facility. The total estimated cost of new <br />machinery and equipment is now at $1.3 <br />million, while it is expected that $674,000 will <br />be eligible for tax abatement. <br />As indicated on Absorbtech's real property tax <br />abatement petition, it is estimated that the <br />project will create twenty three (23) new <br />permanent jobs within the first year <br />representing a new annual payroll of <br />$530,000. <br />A review of the tax abatements previously <br />ro granted finds that the petitioner was granted a <br />six year real property tax abatement on <br />June 12, 1995. <br />The building commissioner has reviewed the <br />project and has found the property to be <br />properly zoned for the proposed use. <br />A review of the tax abatement maps finds that <br />the property is not located in an area presently <br />designated as a Thx Abatement Impact Area <br />by the South Bend Common Council. <br />A review of the Redevelopment Allocation <br />areas finds that the property is located in the <br />Airport Economic Development Area, which <br />is a Tax Incremental Financing Allocation <br />Area, therefore, the petition must first be <br />approved by the South Bend Redevelopment <br />Commission. <br />-14- <br />