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South Bend Redevelopment Commission <br />Regular Meeting -June 2, 2000 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />Mr. Panzica from Crescent Michiana Properties, <br />LLC be present to answer any questions. There <br />was no objection and the item was tabled. <br />d. Commission approval requested for <br />Resolution No. 1763 approving an application <br />for real property tax deduction for property <br />at 3851 Olive Rd. in the Airport Economic <br />Development Area. (JVE Investment, LLC <br />(The Tire Rack, Inc.)) <br />Ms. Moran read the Tax Abatement report for <br />JVE Investment LLC. The petitioner intends to <br />build a 440,000 square foot corporate office <br />headquarters and warehouse /distribution facility <br />that will be constructed on approximately 40 <br />acres. The Tire Rack, Inc. is the lessee. This <br />facility will also have an area dedicated for the <br />testing of its products which are performance <br />tires and wheels for passenger automobiles and <br />light trucks. The cost of the building project is <br />approximately $9.6 million. <br />Per the petition, it is estimated that this project <br />will create 14 new, permanent, full -time jobs <br />within the first year, representing a new annual <br />payroll of $370,000 and will maintain 174 <br />existing permanent full -time jobs representing an <br />annual payroll of $7,780,000. The project is <br />expected to create an average of 14 jobs /year for <br />the next three years. <br />A review of the tax abatements previously <br />granted, finds that the petitioner has not been <br />granted any previous tax abatements. The <br />building commissioner has reviewed the petition <br />and has found the property to be properly zoned <br />for the proposed use. A review of the designated <br />5I <br />