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South Bend Common Council <br />RE: Tax Abatement for Catalyst, LLC <br />June 3, 2014 <br />Page 2 <br />EMPLOYMENT IMPACT <br />Taxes abated for the seven year abatement are $1,099,338. Taxes paid for the seven year term are <br />$1,491,684. <br />Per the petition, it is estimated that the project will create thirty -two (32) new, permanent full -time <br />positions and zero (0) part-time positions with an annual payroll of $960,000 by the end of 2018. <br />The project will not maintain any jobs. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the Petitioner, Catalyst, LLC has <br />not been granted any previous abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly <br />zoned for the proposed project. <br />3. The property is located in the Airport Economic Development area. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the <br />qualifications for a (7) seven -year real property tax abatement under section 2 -84 Council's <br />Authority to Enlarge Real Property Tax Abatement General Standards. <br />