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South Bend Common Council <br />RE: Tax Abatement for Elkhart Plastics, Inc. <br />November 2, 2006 <br />Page 2 <br />growth of the company. The estimated cost of the addition and remodel is $600,000. Total taxes to <br />be abated during the (4) four-year abatement period is estimated at $51,270. Total taxes to be paid <br />during the (4) four-year abatement period is estimated at $30,762. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total prof ect will create (20) twenty new, permanent, full-time <br />jobs representing a new annual payroll of $1,000,000. The project will also maintain (40) forty <br />existing, permanent, full-time jobs representing an annual payroll of $1,300,000. <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted, finds that the petitioner has not been granted <br />or associated with any previous tax 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. A review of the South Bend Redevelopment designation areas finds that the property is located <br />in the Airport Economic Development Area, which is a Tax Incremental Allocation Area; <br />therefore, the petition for real property tax abatement must f rst be approved by the South Bend <br />Redevelopment Commission. <br />4. A review of the Tax Abatement Ordinance No. 9394-0 finds that the petitioner does meet the <br />qualifications fora (4) four-year real property tax abatement under Section 2-82, Industrial <br />Development City-Wide. <br />