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South Bend Redevelopment Commission <br />Regular Meeting - April 19, 1996 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />machinery and equipment is $477,300. <br />It is estimated that this project will create six <br />(6) new permanent full -time jobs, representing <br />an annual payroll of $99,830, and will maintain <br />232 existing permanent, full -time and part-time <br />jobs with an annual payroll of $5,630,932. <br />Curtis Products was previously granted a ten <br />(10) year real property tax abatement on <br />September 13, 1982. That abatement has now <br />expired; however, the petitioner was in <br />compliance with the annual reporting <br />requirements during the term of the abatement. <br />The property is properly zoned for the <br />proposed use. The property is located in the <br />Tax Abatement Impact Area and in the South <br />Bend Central Development Area which is a <br />Tax Incremental Allocation Area; therefore, the <br />petition first requires the approval of the South <br />Bend Redevelopment Commission. The <br />petitioner meets the qualifications for a 5 year <br />personal property tax abatement under the Tax <br />Abatement Ordinance. <br />A review of the cost of the abatement shows <br />that, without abatement, the new taxes would <br />be approximately $47,821 over the five year <br />period. With abatement, the taxes will be <br />approximately $8,480. Therefore, the cost of <br />the 5 -year personal property tax abatement will <br />be approximately $39,341. <br />