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