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South Bend Redevelopment Commission <br />Regular Meeting - November 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />employee parking and has the capability to <br />expand in the future. The estimated cost <br />of the building addition is $394,540. <br />Per the petition, it is estimated that this <br />project will create two new, permanent <br />jobs within the first year, representing a <br />new annual payroll of $32,000 and will <br />maintain 25 existing permanent, full -time <br />jobs with an annual payroll of $595,000. <br />A review of the tax abatements previously <br />granted, finds that Crystal Mountain, Inc. <br />has been granted a previous tax abatement. <br />Crystal Mountain, Inc. is in compliance <br />with the reporting requirements for the <br />previous abatement. <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 Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area; <br />therefore, the petition for real 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 Crystal Mountain, Inc. meets the <br />qualifications for a three -year real property <br />tax abatement under Industrial <br />Development City -Wide. <br />H: \WPDATA \COMMSN\112098.MIN -5- <br />