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South Bend Redevelopment Commission <br />RE: Tax Abatement for fortis Plastics, LLC <br />December 16, 2008 <br />Page 2 <br />The equipment to be installed on the site has a total estimated cost of $2,218,900 <br />Total taxes to be abated during the (5) five-year abatement period are estimated at $86,698. "Cotal taxes to <br />be paid during the (5) Live-year abatement period are estimated at $70,013. <br />EMPLOYMENT IMPAC"I' <br />Per the petition, it is estimated that the total project will retain 146 employees with an annual payroll of <br />$5,545,904. <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted lords that the petitioner has not been granted or <br />associated with any previous tax abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br />for the proposed project. <br />3. A review of the South Bcnd Redevelopment designation areas finds that the property is located in <br />the Airport Economic Development Area, which is a Tax Incremental Allocation Area; therefore, <br />the petition for personal property tax deduction must first be approved by the South Bcnd <br />Redevelopment Commission. <br />4. A review of the Tax Abatement Ordinance No. 9394-03 Ends that the petitioner meets the <br />qualifications fora (5) five-year personal property tax abatement under section ?-84.2, 1~angible <br />Personal Property `I~ax Abatement. <br />