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South Bend Redevelopment Commission <br />Meeting - May 17, 1996 <br />6. NEW BUSINESS (Cont.) <br />e. continued.... <br />parts for industrial and retail customers, <br />and will also be used for product storage <br />and general offices of the corporation. <br />The total projected project cost for the <br />new building is $500,000. Precision <br />Millwork estimates that this project will <br />create (3) new permanent full-time jobs <br />in the first year, representing an annual <br />payroll of $60,000 and will maintain <br />thirteen existing permanent full-time jobs <br />with an annual payroll of $466,000. <br />A review of the tax abatements <br />previously granted finds that the <br />Precision Millwork and Plastics, Inc. has <br />been granted a three year real property <br />tax abatement passed in October 1992 <br />and a five year personal property tax <br />abatement granted in December 1995. <br />Precision Millwork and Plastics, Inc. is <br />in compliance with the reporting <br />requirements for the previous <br />abatements. The building commissioner <br />has reviewed the project and has found <br />the property to be properly zoned for the <br />proposed use. A review of the tax <br />abatement target areas finds that the <br />property is not located in an area <br />presently designated as a Tax Abatement <br />Impact Area by the South Bend Common <br />Council. A review of the <br />Redevelopment areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Financing Allocation <br />Area; therefore, the petition first <br />