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South Bend Common Council <br /> RE: Tax Abatement for Triangle Machine Inc. <br /> November 30, 2012 <br /> Page 2 <br /> Total Taxes Abated for the (5) five-year abatement period are estimated at$861. Taxes Paid for five <br /> years would be $39,254. <br /> EMPLOYMENT IMPACT <br /> Per the petition,it is estimated that the project will retain two (2) permanent full-time positions with an <br /> annual payroll of$100,000. The project will not create any new positions. <br /> ABATEMENT QUALIFICATION <br /> 1. A review of the tax abatements previously granted finds that the Petitioner,Triangle Machine Inc. <br /> was granted a five year personal property abatement in 2008. <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 Sample-Ewing area. . <br /> 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br /> qualifications for a(5) five-year personal property tax abatement under section 2-84.2, Tangible <br /> Personal Property Tax Abatement. <br />