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November 21, 2013 <br />Page 2 <br />South Bend Common Council <br />Total taxes to be abated during the (5) five -year abatement period are estimated at $10,783. New <br />project taxes will be $22,791. Total taxes to be paid over five years on the new and existing <br />equipment are estimated at $12,008. <br />EMPLOYMENTIMPACT <br />Per the petition, it is estimated that the total project will: (a) create 1 (one) permanent, full -time and 0 <br />(zero) permanent, part-time jobs within the first year, representing a new annual payroll of $27,480 <br />and (b) will maintain 12 existing permanent full -time and 0 (zero) existing part-time jobs with a <br />payroll of $430,000. The project will create 13 jobs over ten years with a payroll of $400,000. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted, finds that the petitioner has not been granted <br />or associated with any previous abatements. <br />The Building Commissioner has reviewed the petition and finds the property to be properly <br />zoned for the proposed project. <br />A review of the South Bend Redevelopment designation areas finds that the property is located <br />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 (5) five -year personal property tax abatement under section 2 -84.2, Tangible <br />Personal Property Tax Abatement. <br />