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South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />be paid during the ten-year abatement period <br />are estimated at $10,646,259. <br />Total taxes to be abated during the five-year <br />abatement period for the personal property <br />are estimated at $19,550. Total taxes to be <br />paid during the five-year abatement period <br />for the personal property are estimated at <br />$15,763. <br />It is estimated that the project will directly <br />create seventeen to seventy-seven new <br />permanent, full-time jobs and one part-time <br />job over the project's ten-year development <br />period, representing a new annual payroll of <br />approximately $1,150,000 to $4,150,000. <br />The total possible gains in employment <br />resulting from firms created at the park <br />cannot be estimated at this time. <br />The property is properly zoned for the <br />proposed use. The property is located in the <br />Northeast Neighborhood Development Area; <br />therefore, the petitions for real and personal <br />property tax deduction must first be approved <br />by the Redevelopment Commission. <br />The project meets the qualifications for a <br />five-year personal property tax abatement <br />under the tax abatement ordinance. The <br />project does not meet the qualifications for a <br />real property tax abatement, however, the <br />Tax Abatement Ordinance provides for an <br />exception to the general standards, at the <br />Common Council's discretion. The <br />Redevelopment Commission has been asked <br />12 <br />