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South Bend Redevelopment Commission <br />Regular Meeting - February 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />of new foundry, pattern shop and <br />engineering machinery and equipment in <br />order to produce tooling more <br />competitively. The estimated proposed <br />project cost is approximately $350,000 to <br />$750,000. <br />Per the petition, it is estimated that this <br />project will create two (2) new permanent <br />full -time jobs within the first year, <br />representing an annual payroll of $54,480 <br />to $72,800 and will maintain sixty -seven <br />(67) full -time jobs and one (1) part-time <br />job, representing an annual payroll of <br />$1,748,082. <br />A review of the tax abatements previously <br />granted finds that Total Enterprises has <br />been granted one previous tax abatement. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed use. A <br />review of the Redevelopment areas finds <br />that the property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area, <br />therefore, the petition first requires the <br />approval of the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Total Enterprises meets the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />-18- <br />