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03-28-08 Redevelopment Commission Minutes
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03-28-08 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting -March 28, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />resolution. At that time final points will be <br />awarded and the length of the abatement term <br />can be set. Based on current information, <br />they score sufficient points for afour-year <br />abatement. If they score all of the points for <br />construction they would have enough for <br />seven years. For purposes of the <br />Redevelopment Commission, we are <br />estimating the term at eight years. Actual <br />points may adjust the term downward. <br />Assuming an eight-year abatement, the total <br />taxes to be abated during that term are <br />estimated at $277,908. Total taxes to be paid <br />during that same period are estimated at <br />$213,964. If the abatement is only for four <br />years, the taxes to be abated are estimated at <br />$153,710. Taxes to be paid during a four <br />year abatement are estimated at $92,226. <br />Mr. Schalliol noted that it is estimated that <br />the project will create thirty-five new, <br />permanent, fulltime jobs representing an <br />annual payroll of $2,900,000. The project <br />will also retain sixty-one permanent fulltime <br />jobs with an annual payroll of $3,200,000. <br />Hereaus Kulzer has not had any previous <br />abatements. The property is properly zoned <br />for the proposed use. The property is located <br />in the South Side Development Area, a tax <br />increment allocation area; therefore the <br />petition for real property tax deduction must <br />first be approved by the Redevelopment <br />Commission. The project qualifies for up to <br />eight years of abatement under the tax <br />abatement ordinance. <br />14 <br />
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