Confirming Tax Abatement - 4701 Nimtz Parkway - Schafer Gear Works, Inc

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South Bend Common Council RE: Tax Abatement for Schafer Gear Works January 15, 2007 Page 2 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create (1) one new, permanent, full-time jobs in the first year of production representing a new annual payroll of $34,320. The project will also maintain (73) seventy-three existing, permanent full-time jobs representing an annual payroll of $2,722,263. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with (8) eight previo us tax abatements. Term/Type Resolution No. Date 5-year personal property 3055-02 1/14/2002 10-year real property 2636-98 6/30/1998 5-year personal property 2541-98 1/12/1998 5-year personal property 2285-95 10/09/1995 10-year real property 2148-94 6/27/1994 5-year personal property 2055-93 7/12/1993 5-year personal property 1876-91 6/10/1991 5-year personal property 1631-88 7/25/1988 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project: 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the Airport Economic Development Area, which is a Tax Incremental Allocation Area; therefore, the petition for personal property tax deduction must first be approved by the South Bend Redevelopment Commission. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications fora (5) five-year personal property tax abatement under section 2-84.2, Tangible Personal Property Tax Abatement.