08-25-08 Council Meeting Agenda & Packet

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South Bend Common Council RE: Tax Abatement for Mann + Hummel USA, Inc. August 1, 2008 Page 2 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create four (4) new, permanent, full -time jobs within the first year representing a new annual payroll of $120,000. The project will retain one hundred fifty -four (154) existing permanent, full -time jobs (of which 46 are minority employees) with an annual payroll of $4,500,000. 2 ABATEMENT QUALIFICATION A review of the tax abatements previously granted, finds that the petitioner has been granted or associated with the following five (5) previous tax abatements: Term /Type 5 year personal property 5 year personal property 5 year personal property 5 year personal property 5 year personal property Resolution No. Date 1882 -91 7/22/1991 2098 -93 9/13/1993 3005 -01 5/14/2001 3231 -03 8/25/2003 3523 -05 9/26/2005 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 for a (5) five -year personal property tax abatement under section 2 -84.2, Tangible Personal Property Tax Abatement.