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4W <br />South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - July 3, 1997 <br />6. NEW BUSINESS (CONT.) <br />i. continued... <br />all operations of the company including <br />catalog and retail sales, office areas and <br />customer support services. The <br />efficiencies gained by the new building <br />will enable the company to become more <br />competitive and provide better customer <br />service. The total project cost is estimated <br />at over $4.4 million, while the cost of the <br />new building is estimated at $4.2 million. <br />Per the petition, it is estimated that this <br />project will create ten (10) new, <br />permanent, jobs within the first year, <br />representing a new annual payroll of <br />$300,000 and will maintain 120 existing <br />permanent full -time jobs and 8 existing <br />permanent part-time jobs representing an <br />annual payroll of $2,982,352. <br />A review of the tax abatements previously <br />granted finds that Dennis Bamber, Inc. has <br />not been granted any previous tax <br />abatement considerations. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed project. A review <br />of the South Bend Redevelopment <br />designation areas finds that the property is <br />located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Allocation Area, therefore, the <br />petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Dennis Bamber, Inc. meets the <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\070397.MIN -9- <br />