03-23-09 Common Council Meeting Agenda & Packet

Home Browse Search

South Bend Common Council RE: Tax Abatement for Treadstone, LLC March 2, 2009 Page 2 Total taxes to be abated during the (5) five -year abatement period are estimated at $7,815. Total additional taxes to be paid as a result of the project during the five -year abatement period are estimated at $6,311. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create three (3) new, permanent full -time positions with an annual payroll $60,000. The project will also maintain four (4) existing permanent full -time positions and one (1) existing part-time position with a total annual payroll of $160,000. ABATEMENT QUALIFICATION A review of the tax abatements previously granted finds that the Petitioner, Treadstone, LLC, 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 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 for a (5) five -year personal property tax abatement under section 2 -84.2, Tangible Personal Property Tax Abatement.