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• Upon completion of the current building's construction, the Petitioner will relocate at least <br /> thirteen (13) new full-time jobs with an estimated total annual payroll of$1,301,976. <br /> • By the end of 2035, the Petitioner expects to create at least sixteen (16) additional full- <br /> time jobs with an additional estimated annual payroll of$832,000. This would bring the <br /> total employment to twenty-nine (29) employees with an estimated total annual payroll of <br /> $2,133,976. <br /> Tax Estimates <br /> The petitioner qualifies for a seven-year(7)warehouse development real property tax <br /> abatement. <br /> • Current estimated combined annual real property taxes: $2,562 <br /> o Note that the property is currently owned by the Redevelopment Commission of <br /> South Bend and is exempt from Property Taxes <br /> • Estimated combined annual taxes after the project's completion: $83,142 <br /> • Total estimated combined taxes during the seven-year (7) abatement period: $581,992 <br /> o Estimated taxes being abated during the abatement period: $317,410 <br /> 3 Estimated total taxes to be paid during the abatement period: $264,582 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted a prior abatement. <br /> 2. The property is properly zoned for the proposed project. <br /> 3. Taxes on the property have been paid in full. <br /> 4. A review of the South Bend Redevelopment designation areas finds that the property is <br /> in the River West Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a seven-year(7) warehouse development real property tax <br /> abatement under Division 8 (Warehouse Development Real Property Tax Abatement), <br /> Section 2-83 (Warehouse development City-wide). <br /> 2 <br />