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South Bend Redevelopment Commission <br />Regular Meeting - August 21, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />achieve future growth and maintain its <br />existing quality. The estimated cost of the <br />new construction is $800,000. <br />Per the petition, it is estimated that this <br />project will create 10 new, permanent jobs <br />within the first year, representing a new <br />annual payroll of $270,000 and will <br />maintain 68 permanent full -time and four <br />existing permanent part-time jobs with an <br />annual payroll of $1,700,000. <br />A review of the tax abatements previously <br />granted finds that Axelberg & Axelberg, <br />LLC has been granted one previous tax <br />abatement. A five -year personal property <br />tax abatement was granted in August <br />1997. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Sample -Ewing <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Axelberg & Axelberg, LLC meets the <br />qualifications for a ten -year real property <br />tax abatement under Industrial <br />Development in Urban Enterprise Zone <br />and Redevelopment Blighted Areas. <br />H: \WPDATA \C0MMSN\082198.MIN -9- <br />