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South Bend Redevelopment Commission <br />Regular Meeting - February 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />d. continued.... <br />jobs within the first year, representing a <br />new annual payroll of $55,000 and <br />maintain 12 existing permanent full -time <br />jobs and three existing permanent part- <br />time jobs with an annual payroll of <br />$340,000. <br />A review of the tax abatements previously <br />granted finds that Kovas Door Company <br />has not been granted previous tax <br />abatements. The building commissioner <br />has reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed project. <br />A review of the South Bend <br />Redevelopment areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area, <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Kovas Door Company meets the <br />qualifications for a three (3) year real <br />property tax abatement. <br />Using the estimated project cost of <br />$300,000, the taxes generated over the <br />three -year period total approximately <br />$42,997. Taxes abated total $28,665. Tax <br />paid with the abatement total $14,332. <br />Dan Kovas, co -owner of Kovas Door <br />Company, stated that his father started the <br />-16- <br />