Confirming Tax Abatement - CBK Land Development, LLC. 5233 Dlyan Dr. (10 Year Real Property)

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South Bend Common Council RE: Tax Abatement for CBK Land Development, LLC October 6, 2014 Page 2 efficient manner. A new facility will allow Chase additional capacity for the storage of product and to provide additional truck dock doors to gain functional efficiencies. Taxes abated for the ten year abatement are $546,734. Taxes paid for the ten year term are $960,185 EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create five (5) new, permanent full -time positions and zero (0) part-time positions with an annual payroll of $143,000 by the end of 2019. In ten years the project will create 13 jobs with a payroll of $400,000. The project will maintain 12 jobs with a payroll of $430,000. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the Petitioner, CBK Land Development, LLC has not been granted any previous abatements. 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. The property is located in the Airport Economic Development area. 4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the qualifications for a (10) ten -year real property tax abatement under section 2 -75 Real Property Tax Abatement General Standards.