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South Bend Redevelopment Commission <br />Regular Meeting - July 2, 1999 <br />5. NEW BUSINESS (CONT.) <br />a. continued... <br />payroll of $80,000 and will maintain <br />39 existing, permanent, full -time and <br />part-time jobs representing an annual <br />payroll of $1,400,000; however, by the <br />end of the third year, a total of 15 new, <br />permanent, full -time jobs will be <br />created. <br />A review of the tax abatements <br />previously granted, finds that Dynamic <br />has not been granted any previous tax <br />abatements. <br />The building commissioner has <br />reviewed the petition and has found the <br />property to be properly zoned for the <br />proposed use. <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 <br />a Tax Incremental Allocation Area; <br />therefore, the petition for real and <br />personal property tax abatement must <br />first be approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that Dynamic meets <br />the qualifications for a ten -year real <br />property tax abatement under <br />Industrial Development Citywide and <br />meets the qualifications for a five -year <br />personal property tax abatement under <br />Tangible Personal Property Tax <br />HAWPDATA \C0MMSN\070299.MIN -4- <br />