12-09-13 Common Council Agenda & Packet

Home Browse Search

November 21, 2013 Page 2 South Bend Common Council Total taxes to be abated during the (5) five -year abatement period are estimated at $12,917. New project taxes will be $120,451. Total taxes to be paid over five years on the new and existing equipment are estimated at $1,033,899. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: (a) create 5 (five) permanent, full -time and 0 (zero) permanent, part-time jobs within the first year, representing a new annual payroll of $176,800 and (b) will maintain 78 existing permanent full -time and 0 (zero) existing part-time jobs representing an annual payroll of $3,500,000 for existing employees. ABATEMENT QUALIFICATION A review of the tax abatements previously granted, finds that the petitioner has been granted or associated with eight (8) previous five year personal property tax abatements: 1631 -88; 1876 -91; 2055-93; 2285-95; 2541-98; 3055-02; 3710-07; and 3990 -09. 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. A review of the South Bend Redevelopment designation areas finds that the property is located in the Airport Economic Development Area. 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.