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South Bend Redevelopment Commission <br />Regular Meeting— August 4, 2000 <br />6. NEW BUSINESS (Cont.) <br />g. continued... <br />to manufacture and distribute tools for the <br />construction trades. The tenant's main product is <br />a tool that mechanically ties reinforcing steel. <br />Per the petition, it is estimated that this project <br />will create eleven (11) new permanent jobs <br />within the first year, representing a new annual <br />payroll of $425,000 and will maintain three (3) <br />existing permanent full time jobs with an annual <br />payroll of $125,000. <br />A review of the tax abatements previously <br />granted finds that the petitioner has not been <br />granted any previous tax abatements; however <br />the partners of Ralph Jones Partners L.P. have <br />been associated with several previous tax <br />abatements. The associated entities are in <br />compliance with the reporting requirements for <br />the previous 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 South Bend Redevelopment <br />designation areas finds that the property is <br />located in the Airport Economic Development <br />Area, which is a Tax Incremental Allocation <br />Area; therefore, the petition for real 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 />six (6) year real property tax abatement. <br />5:2 <br />