Confirming Tax Abatement - Enzyme Research Laboratories, Inc. 1801 Commerce Dr. (5 Year Personal Property)

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South Bend Common Council RE: Tax Abatement for Enzyme Research Laboratories, Inc. December 16, 2005 Page 2 the rehabilitation of the larger facility. Currently, both firms are housed in a 9,000 sq. ft. building located at 412 S. Lafayette Blvd. The larger facility is a 25,423 sq. ft. building located at 1801 Commerce Drive. That building sits on a 2.64 acre site. The project will result in increased production capacity and an expanded product line. The estimated cost for acquisition of the equipment is $800,000. This tax abatement petition is for the equipment purchase only. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create six (6) new, permanent, full -time jobs representing a new annual payroll of $300,750. The project will also maintain eleven (11) existing permanent full -time jobs representing an annual payroll of $324,200. ABATEMENT QUALIFICATION A review of the tax abatements previously granted, finds that the petitioner has not been granted or associated with any previous tax abatement. 2. The building commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 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 personal property must first be approved by the South Bend Redevelopment Commission. 4. A review of the Tax Abatement Ordinance no. 8065 -90 finds that the petitioner meets the qualifications for a five (5) year personal property tax abatement under section 2 -84.2 (Tangible Personal Property Tax Abatement).