09-07-2007 2007 looks positive for job creation, commercial growth

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o�sou Tx F dx :J b W eFacE � � y� a 1, a2 1865 Office of the Mayor NEWS RELEASE September 7, 2007 10 a.m. 2007 looks positive for job creation, commercial growth Contact: Mikki Dobski, Director of Communications&Special Projects, 235-5855 or 876-1564 or Bob Mathia, Assistant Director of Economic Development, 235-9371 With another one-third of the year to go, 2007 is shaping up to be one of the best years in a decade for new-job creation along with commercial investment and growth, according to data filed with 2007 tax-abatement requests from the City of South Bend. For the first eight months of 2007, approved tax abatements will lead to the creation of 186 new jobs with an increased payroll of$8.9 million. During that same period, tax abatement petitions filed by 17 commercial firms helped retain in South Bend an additional 1,453.5 jobs. Another 14 residential petitions will create 225 housing units in the city. Through Aug. 25 of this year alone, the projected $102.7-million investment in South Bend exceeds full-year totals for the past nine years, while 2007's total payroll increase for two-thirds of the year already is the largest of all but one of the last nine years. While $9.4 million in cumulative taxes were abated in 2007, the projects will pay an estimated $7.1 million in taxes, according to a report prepared for the Sept. 7 meeting of the city's Redevelopment Commission. "The city's investment in key infrastructure, including the Metronet, and a pro-business policy that stimulates job growth and expansion from existing companies has helped set the stage for this commercial investment," said Mayor Stephen J. Luecke. "When local business expands, so do the economic fortunes of the community and its residents." Tax abatements are essential to fostering local job growth as businesses face an increasingly complex and global arena of competition.