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South Bend Redevelopment Commission <br />Regular Meeting - October 17, 1997 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />Per the petition, it is estimated that this <br />project will create four (4) new jobs, <br />representing a new annual payroll of $71,500 <br />and will maintain two (2) existing permanent <br />full -time jobs and no part-time jobs <br />representing an annual payroll of $65,000. <br />A review of the tax abatement records finds <br />that South Bend Heritage has been associated <br />with several previous tax abatements and are <br />in compliance on reporting for these <br />abatements. <br />The building commissioner has reviewed the <br />Aft petition and finds the property to be properly <br />zoned for the proposed use. A review of the <br />tax abatement maps finds that the property is <br />located in an area presently designated as a <br />Tax Abatement Impact Area and the property <br />is also located in the Economic Development <br />Target Area, the latter of which is a <br />requirement for consideration of the <br />abatement. A review of the Redevelopment <br />Allocation areas finds that the property is <br />located in the West Washington- Chapin <br />Development Area which is a Tax <br />Incremental Financing Allocation Area; <br />therefore, the petition first requires the <br />approval of the South Bend Redevelopment <br />Commission. <br />South Bend Heritage Foundation is <br />requesting a ten (10) year real property tax <br />abatement, and although South Bend <br />Heritage's project falls within the designated <br />area and South Bend Heritage is guaranteeing <br />H:\ HOME\ CPffiPPS \WPDATA \COMMSN\101797.MIN -15- <br />