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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />competitive marketplace. The total cost <br />of the new building is estimated at <br />$1,000,000. <br />Per the petition, it is estimated that this <br />project will create between ten and <br />fifteen (10 -15) new, permanent jobs <br />within the first year, representing a new <br />annual payroll of over $300,000 and <br />will maintain 57 existing permanent <br />full -time jobs and six existing <br />permanent part-time jobs, representing <br />an annual payroll of $1,200,000. <br />A review of the tax abatements <br />previously granted, finds that REW, <br />LLC has been granted three previous <br />tax abatements and they are as follows: <br />(1) A six -year real property tax <br />abatement was granted in February <br />1994. (2) A six -year real property tax <br />abatement was granted in May 1995. <br />(3) A ten -year real property tax <br />abatement was granted in May 1997. <br />REW, LLC is in compliance with the <br />reporting requirements for the previous <br />abatements. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed project. A <br />review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is <br />a Tax Incremental Allocation Area; <br />-12- <br />