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are also planning to invest$1.5 million in new equipment. Over five (5) years about$17,000 will be abated and about $4,000 will be paid. Vikram Shah, President of Tri-Pac, Inc., stated, We have heard a lot of good things about South Bend. We are looking to relocate and we think South Bend is ideal. We work with many multi- national corporations. We think this is a great opportunity. We are looking at a total of around $5 million of investment in the next five (5) years and creating one hundred and sixty (160)to two hundred(200)new jobs. Committee Chair Ferlic opened the floor to questions from Committee and Councilmembers. Councilmember Dr. Varner asked, Can you explain why your cover-letter and application are showing the concept of a one hundred percent (100%) tax abatement differently? Mr. Buckenmeyer replied, When we give a one hundred percent(100%)tax abatement, that does not mean the person receiving the abatement is paying net zero. What that means is they don't have to pay the amount over and above the existing tax base. So any improvements on the land would not have to be taxed until the term is over. Councilmember Dr. Varner stated, It used to be different. We need to make it more clear. Committeemember Tipps asked, Is Tri-Pac, Inc. in compliance with all EPA and other regulations? Mr. Shah replied, We are in full compliance and have not received a single violation. We deal with a lot of multi-national companies and they are very strict. Committee Chair Ferlic then opened the floor to members of the public wishing to speak in favor of or in opposition to the legislation. Marty Wolfson, 809 Park Avenue, asked, Why isn't this a tiered abatement? Mr. Mueller replied, This is a company moving here from out of state. This is new investment and new jobs we are receiving. These jobs will collect income taxes that are not included in this calculation of property taxes. The Department of Community Investment does its best to figure out the best deal for the taxpayer. We have no interest in giving a better deal than what is necessary to make the investment happen. In this case, we believe this is what is required to get the company to move here. There have also been some changes to state law. Committeemember Smith made a motion to send Bill No. 17-62 and Bill No. 17-66 to the full Council with favorable recommendations. Committeemember Kelly seconded this motion which carried unanimously by a voice vote of six (6) ayes. Bill No. 17-68- Setting Public Hearing for GLC SBDC II Tax Abatement Modification Mr. Buckenmeyer stated, For this particular property, this is not a new tax abatement. It is a standing tax abatement that has not been utilized or acted upon and we are proposing a modification of the abatement. Last year around November 2016,the Department of Community Investment(DCI)presented this initial tiered nine (9) year tax abatement. Back in February 4