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South Bend Redevelopment Commission <br />Regular Meeting -April 17, 1998 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />Per the petition, it is estimated that this <br />project will create six (6) new permanent <br />jobs within the first year, representing a <br />new annual payroll of $1,669,662 and will <br />maintain 115 existing permanent full time <br />jobs with an annual payroll of $6,296,673. <br />A review of the tax abatements previously <br />granted finds that Uniroyal Technology <br />Corporation has not been granted previous <br />tax abatement consideration. 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 West Washington/Chapin <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for personal 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 Uniroyal Technology <br />Corporation meets the qualifications for a <br />five (5) year personal property tax <br />abatement under Tangible Personal <br />Property Tax Abatement. <br />Using the estimated equipment cost of <br />$1,066,000, the taxes to be generated over <br />the five -year period total approximately <br />$100,940. Taxes to be abated total <br />approximately $97,786. Taxes still to be <br />paid total approximately $21,077. <br />-8- <br />