Confirming Tax Abatement - 840 United Drive - Nelson Dee, LLC

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South Bend Redevelopment Commission RE: Tax Abatement for Nelson Dee, LLC June 27, 2007 Page 2 The estimated dollar value of the project is $2,500,000. Total taxes to be abated during the ten year abatement are estimated at $424,413. Total taxes to be paid during the ten year abatement are estimated to be $432,987. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create (5) five to (7) seven, new, permanent, full-time jobs over the next five years. The project will also maintain (63) sixty- three existing, permanent, full-time jobs and (7) seven existing, permanent, part-time job representing an annual payroll of $3,200,000. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been associated with a real estate abatement granted in 1985 to the lessee, United Beverage, for the original building. 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for tie proposed project. 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the. prnent Area, which is a Tax Incremental Allocation Area; 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 (10) ten-year real property tax abatement under Warehouse Development- City-wide.