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Confirming Tax Abatement - 511 East Colfax & 210 North Niles - Odyssian Technology 5 Year
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Confirming Tax Abatement - 511 East Colfax & 210 North Niles - Odyssian Technology 5 Year
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Last modified
10/8/2007 2:55:54 PM
Creation date
10/8/2007 2:55:10 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
4/9/2007
Ord-Res Number
3730-07
Bill Number
07-26
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South Bend Common Council <br />RE: Tax Abatement for Odyssian Technology <br />January 8, 2007 <br />Page 2 <br />Total taxes to be abated during the (5) five-year abatement period is estimated at $23,517. Total taxes to <br />be paid during the (5) five-year abatement period is estimated at $12,238. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will create five (5) new, permanent, full-time jobs <br />representing a new annual payroll of $277,440. The project will also maintain three (3) existing <br />permanent full-time jobs representing an annual payroll of $483,584. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted, finds 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 for <br />the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the property is located in the <br />South Bend Central Development Area which is a Tax Incremental Allocation Area and, also, the East <br />Bank Development Area (as listed in the Tax Abatement Guide); therefore, the petition for real <br />property tax abatement must first be approved by the South Bend Redevelopment Commission. <br />4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br />qualifications fora (5) five-year personal property tax abatement under section 2-84.2, Tangible <br />Personal Property Tax Abatement. <br />
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