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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />Per the petition, Associates is not <br />expecting to create any new jobs within <br />the first year; however, Associates <br />estimates that the project will result in <br />the creation of forty (40) new <br />permanent jobs within the first five <br />years and these new positions represent <br />a new annual payroll of $1,380,000. <br />The project will also maintain ninety- <br />two (92) existing permanent full -time <br />jobs and three (3) existing permanent <br />part-time jobs with an annual payroll of <br />$2,242,000. <br />A review of the tax abatements <br />previously granted finds that Crescent <br />Michiana Properties, LLC has not been <br />granted any previous tax abatements; <br />however, the members of Crescent <br />Michiana Properties, LLC have been <br />involved in several previous projects <br />that have been granted tax abatement. <br />The previous projects /abatements are as <br />follows: A ten -year abatement was <br />granted to IAP Properties in November <br />of 1982. A six -year abatement was <br />granted to River Glen South Associates <br />in December of 1987. A three -year <br />abatement was granted to Tech Centre <br />Partnership in October 1990 and a six - <br />year abatement was granted to Western <br />Avenue Partnership in November of <br />1995. The first three abatements have <br />expired and the Western Avenue <br />Partnership project is in compliance <br />with the reporting requirements for that <br />ffol <br />