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South Bend Common Council <br /> RE: Tax Abatement for East Bank Learning Center, LLC <br /> November 20, 2012 <br /> Page 2 <br /> Total Taxes Abated for the (3)three-year abatement period are estimated at$23,395. Taxes for three <br /> years on the new project would be$111,725. Net tax paid for three years will be$299,362. The company <br /> may qualify for up to a five year abatement depending on the information to be provided at a later date <br /> regarding their contractor. <br /> EMPLOYMENT IMPACT <br /> Per the petition, it is estimated that the project will create ten (10) new,permanent full-time positions <br /> and five (5) part-time positions with an annual payroll of$266,800. The project will maintain twelve <br /> (12) existing permanent full time jobs and four (4) existing permanent part-time jobs with a payroll of <br /> $381,440. <br /> ABATEMENT QUALIFICATION <br /> 1. A review of the tax abatements previously granted finds that the Petitioner, East Bank Learning <br /> Center, LLC has not been granted any previous abatements. <br /> 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br /> for the proposed project. <br /> 3. A review of the South Bend Redevelopment designation areas finds that the property is located in <br /> the East Bank Development Area. . <br /> 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br /> qualifications for a (3) three-year real property tax abatement under section 2-81, Institutional <br /> Development Real Property Tax Abatement. <br />