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South Bend Redevelopment Commission <br />Regular Meeting - November 5, 1999 <br />6. NEW BUSINESS (CONT.) <br />e. continued... <br />year and will maintain 27 existing jobs <br />representing an annual payroll of $844,905. <br />A review of the tax abatements previously <br />granted, finds that New Carbon Company, <br />Inc. has not been granted any previous tax <br />abatements. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment Areas finds that the property <br />is located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for personal property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that New Carbon Company, Inc. meets <br />the qualifications for a five -year personal <br />property tax abatement under Tangible <br />Property Tax Abatement. <br />Using the estimated project cost of <br />$360,000, the taxes generated over the five - <br />year period will be approximately $35,235. <br />Taxes abated over the five -year period will <br />be approximately $28,987. Taxes still paid <br />with the abatement over the five -year period <br />will be approximately $6,248. <br />-13- <br />