07-28-08 Council Meeting Agenda & Packet

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South Bend Common Council RE: Tax Abatement for Stanz Foodservice, Incorporated July 10, 2008 Page 2 Total taxes to be abated during the (5) five-year abatement period are estimated at $ *. Total taxes to be paid during the (5) five-year abatement period are estimated at $ *. EMPLOYMENT IMPACT Per the petition, it is estimated that the project, by itself, will not create additional full-time and part-time permanent jobs within the first year of the project, but will enable Stanz to maintain 162 existing permanent full-time jobs and 9 existing permanent part-time jobs with an annual payroll of $7,251,439, including existing permanent full-time minority employment of 12 positions. ABATEMENT QUALIFICATION A review of the tax abatements previously granted finds that the petitioner has been granted or associated with two (2) previous tax abatements and has one pending from last year. Term/Type Resolution No. Date 7-year real property pending 5-year real property 3463-OS 5/23/2005 S-year real property 1301-85 6/24/1985 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the Airport Economic Development Area, which is a Tax Incremental Allocation Area; therefore, the petition for personal property tax deduction must first be approved by the South Bend Redevelopment Commission. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications fora (5) five-year personal property tax abatement under Section 2-84.2, Tangible Personal Property Tax Abatement. *All of the information required to calculate the estimated amount of taxes to be abated and paid was not available in time to meet the deadline for submitting this report. The estimates will be provided at the Community and Economic Development Committee meeting on July 28, 2008. * * This petition was approved by the Redevelopment Commission by Resolution No. 2327 on Apri120, 2007. The Declaratory Resolution (No. 3740-07) was approved by the Common Council on April 23, 2007.