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South Bend Redevelopment Commission <br />It, Regular Meeting - December 15, 1995 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />expand its operations and hopefully <br />add even more jobs. <br />It is estimated that this project will <br />result in the creation of two (2) new <br />permanent full time positions <br />representing an annual payroll of <br />$30,000, and will maintain forty nine <br />(49) existing permanent full-time and <br />part-time jobs representing an annual <br />payroll of $733,000. <br />Midwest Windows and Doors, Inc. <br />has not been granted any previous <br />tax abatement consideration. The <br />property is properly zoned for the <br />proposed use. The property is not <br />located in an area presently <br />designated as a Tax Abatement <br />Impact Area, but is located in the <br />Airport Economic Development <br />Area, which is a Tax Incremental <br />Financing Allocation Area. <br />Therefore, this petition first requires <br />the approval of the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner <br />meets the qualifications for a five <br />year personal property tax abatement. <br />A review of the cost of the abatement <br />shows that, without abatement, the <br />project will generate approximately <br />$12,222 in new taxes over the five <br />year period. With abatement, the <br />project will generate approximately <br />$2,167. Therefore, the cost of the <br />-16- <br />