Designating Tax Abatement - MAS Technology Corp. Expansion Project 110 S. Hill St. (6 Year Real Property)

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D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment of rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. SECTION III. The common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Section I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3. SECTION IV. Pursuant to Section 2 -84 of the Municipal Code of the City of South Bend, the common Council hereby accepts the recommendations of the Council's Human Resources and Economic Development Committee represented in this Resolution. The Common Council hereby makes the following specific findings which support its conclusion that the the Petitioner, Charles N. Spiher, qualifies for a six (6) year abatement: (1) Petitioners's tenant, MAS Technology Corporation ( "MAS ") is engaged in laboratory analyses and testing of public drinking water and other substances, which generates revenue substantially from outside the immediate South Bend area, (including other states),into the South Bend economy, and such revenue generation will have a positive impact on the local economy. (2) The nature and location of MAS' business creates traffic flow into the East Bank Development area, and will generate increased visibility and patronage of this area as an Economic Development Target Area and Neighborhood Revitalization Area. (3) MAS employs a relatively young, (avg. age 32 years) educated work force, which will continue to expand with this project to number approximately 58, an increase of 20 over its present employment level. The expansion equates to an increased payroll of over $475,000 annually. (4) MAS has made an investment of over $500,000 in equipment, office furnishings and instruments, and in conjunction with the expansion will invest another estimated $750,000 to $1,000,000 in these types of assets. Personal property taxes have been and will continue to be paid on these assets. (5) Increased cost of construction, limited available parking for customers and employees, zoning requirements and property taxes, have added to the cost of doing