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Total taxes to be abated during the (5) five -year abatement period are estimated at $79,349. Total <br />taxes to be paid over five years on the new equipment are estimated at $88,360. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: (a) create 35 permanent, full -time and 0 <br />permanent, part -time jobs within the first five years, representing a new annual payroll of $1,456,000 <br />and (b) will maintain 60 existing permanent full -time and 0 (zero) existing part-time jobs representing <br />an annual payroll of $3,000,000 for existing employees. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted, finds that the petitioner has been granted or <br />associated with two (2) previous five year personal property tax abatements: 3586 -06 and <br />3361 -04. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly <br />zoned for the proposed project. <br />3. 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 />