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South Bend Redevelopment Commission <br />Regular Meeting - March 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />project will create more than ten (10) new <br />permanent jobs within the first year <br />representing a new annual payroll in <br />excess of $300,000. <br />A review of the tax abatements previously <br />granted finds that Cobra Development, <br />LLC has not been granted any previous tax <br />abatements, however, one of the owners of <br />Cobra Development, LLC has been <br />associated with several previous tax <br />abatements. The previous abatements <br />were granted to Precision Mills Work and <br />Plastics, Inc. <br />Cobra Development, LLC is in <br />compliance with the reporting <br />requirements for the previous abatements. <br />The building commissioner has reviewed <br />the project and finds the property to be <br />properly zoned for the proposed use. A <br />review of the South Bend Redevelopment <br />areas finds that the property is located in <br />the Airport Economic Development Area, <br />which is a Tax Incremental Allocation <br />Area, therefore, the petition for real <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the tax abatement ordinance <br />finds that Cobra Development, LLC does <br />not meet the qualifications for an <br />abatement due to the inability of the <br />developer to identify the end users of the <br />buildings. However, Cobra Development, <br />sea <br />