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South Bend Redevelopment Commission <br />Regular Meeting— August 4, 2000 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />investment will enable sixty -two (62) permanent <br />full time and one (1) part-time jobs with an <br />annual payroll of $1,785,600 to continue. <br />A review of the tax abatements previously <br />granted finds that the petitioner has been granted <br />one previous tax abatement. A personal property <br />tax abatement was granted through Resolution <br />No. 1694 -89 on January 23, 1989. <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 South Bend Redevelopment <br />designation areas finds that the property is <br />located in the Sample -Ewing Development Area, <br />which is a Tax Incremental Allocation Area; <br />therefore, the petition for personal property tax <br />abatement must first be approved by the South <br />Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance finds <br />that the petitioner meets the qualifications for a <br />five (5) year personal property tax abatement. <br />Without abatement, based on an estimated <br />project cost of $480,000 and a constant tax rate, <br />the taxes to be paid over the five -year period <br />would be approximately $48,807. With <br />abatement, the taxes paid over the five -year <br />period are estimated to be approximately <br />$16,020. Therefore, the cost of the abatement <br />would be approximately $30,786. <br />i. <br />-10- <br />