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South Bend Redevelopment Commission Regular Meeting-August 15, 2008 machinery and equipment costing approximately $2,000,000 which will be used to manufacture manifolds and air intake systems for General Motors and 'Toyota. It is estimated that the total project will create Tour new permanent, full-timejobs within the first year, representing a new annual payroll of $120,000. The project will retain one hundred fifty-Tour existing full- time jobs, of which 46 are minority employees, with an annual payroll of $4,500,000. Mann + Rummell was granted five previous tax abatements from 1991 to 2005. The property is properly zoned for the proposed use. The property is located in the Airport Iiconomic Development urea which is a Tax Increment Financing Allocation hrea; therefore, the petition for personal property tax deduction must first be approved by the South Bend Redevelopment Commission. 1'he project qualifies for five years of personal property tax deduction under the tax abatement ordinance. Based on a project cost of $2,000,000, the total taxes to be abated during the five year abatement period are estimated at $18,329. New tax revenue resulting from the project is estimated to total $122,922 over the five year abatement term, while total taxes to be paid during the abatement period are estimated at $585,294. Upon a motion by Mr. Blake, seconded by Mr. Downes and unanimously carried, the Commission approved Resolution No. 2488 approving an application for personal property tax deduction for property located at 1827 North Bendix Drive in the nirport COMMISSION APPROVI[D RESOLU"fION N0.2488 APPROVING AN APPLICA"IION POK Pk~:RSONAL PROPF;R~IY'fAX DI:DUCI'ION POR PROPI?RlY LOCATED AT 1827 NORTI I (3ENDIX DRIVE IN TI Ili AIIZPORI~ ECONOMIC DGVLLOPMI[NT AREA. (MANN+ HUMMI~;L USA) 7