Confirming Tax Abatement - 1840 North Commerce Drive - Stanz Food Service, Inc.

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South Bend Common Council RE: Tax Abatement for Stanz Food Service Apri19, 2007 Page 2 Total taxes to be abated during the (7) seven-year abatement period are estimated at $900,108 for a project cost of $6,600,000 to $1,200,144 with a project cost of $8,800,000 which is the range the company has provided. Total taxes to be amid during the (7) seven-year abatement period are estimated between $679,029 to $905,372. EMPLOYMENT IMPACT Per the petition, the redevelopment and rehabilitation project will not create any additional full-time or part-time permanent jobs within the first year; however Stanz will be able to maintain 162 existing, permament, full-time jobs and (9) nine existing, permanent, part-time jobs with an annual payroll of $7,251,439. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or associated with (2) two previous tax abatements: Term/Type Resolution No. Date 5-year real property 3463-OS 5!2312005 5-year real property 1301-85 6/24/1985 2. 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 real property tax abatement 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 does meet the qualifications for an (7) seven-year real property tax abatement under Section 2-83.1, Warehouse Development in an Economic Development Target Area.