Confirming Tax Abatement - 511 East Colfax & 210 North Niles - Odyssian Technology 5 Year

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South Bend Common Council RE: Tax Abatement for Odyssian Technology January 8, 2007 Page 2 Total taxes to be abated during the (5) five-year abatement period is estimated at $23,517. Total taxes to be paid during the (5) five-year abatement period is estimated at $12,238. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create five (5) new, permanent, full-time jobs representing a new annual payroll of $277,440. The project will also maintain three (3) existing permanent full-time jobs representing an annual payroll of $483,584. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner has not been granted or associated with any previous tax abatements. 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 South Bend Central Development Area which is a Tax Incremental Allocation Area and, also, the East Bank Development Area (as listed in the Tax Abatement Guide); therefore, the petition for real property tax abatement 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.