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South Bend Redevelopment Commission <br />Regular Meeting — December 19, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />It is estimated that the total project will retain <br />146 employees with an annual payroll of <br />$5.545,904. <br />The petitioner has not received any previous <br />tax abatements. The property is properly <br />zoned for the proposed project. The property <br />is located in the Airport Economic <br />Development Area, which is a tax increment <br />allocation area; therefore, the petition for real <br />property tax deduction must first be approved <br />by the South Bend Redevelopment <br />Commission. The project qualifies for a <br />five -year personal property tax abatement <br />and three to five years of real property <br />abatement under the tax abatement <br />ordinance. Staff recommends approving five <br />years of real property abatement, which <br />allows the staff some flexibility when the <br />detail about contractors to be used is known. <br />In the case of the real property abatement, <br />total taxes to be abated during a (3) three - <br />year abatement period are estimated at <br />$41,998. Total taxes to be aid during the <br />three -year abatement period are estimated at <br />S222.531. Total taxes to be abated during a <br />(5) five -year abatement period are estimated <br />at $59,419. Total taxes to be paid during the <br />five -year abatement period are estimated at <br />$381,463. <br />For the personal property abatement, total <br />taxes to be abated during the (5) five -year <br />abatement period are estimated at $86,698. <br />Total taxes to be paid during the (5) five -year <br />7 <br />