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South Bend Redevelopment Commission <br />Regular Meeting -May 2, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />same five years is estimated at $22,294. <br />The project is expected to create two new, <br />permanent, full-time jobs representing a new <br />annual payroll of $62,000. The project will <br />also retain twenty existing, permanent, full- <br />time jobs and one permanent part-time job <br />representing an annual payroll of $950,000. <br />Mr. Mathia noted that Old Fort received a <br />previous tax abatement in 2006. The <br />property is properly zoned for the proposed <br />use. The property is within the Airport <br />Economic Development Area, a tax <br />increment financing allocation area; <br />therefore, the petition for real property tax <br />deduction must first be approved by the <br />South Bend Redevelopment Commission. <br />The project qualifies for five years of real <br />property tax deduction under the tax <br />abatement ordinance. <br />Dr. Varner asked if Old Fort qualified for the <br />Urban Enterprise Zone designation in 2006. <br />Mr. Jagger responded that they constructed a <br />new building on the site of the 2006 project. <br />Since there was no building there, the Urban <br />Enterprise Zone designation did not apply. <br />Mr. Mathia noted that Old Fort could choose <br />between the LTEZ designation or tax <br />abatement, depending on which would be <br />more beneficial. <br />