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South Bend Redevelopment Commission <br />Regular Meeting -July 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />continue ... <br />the clients' exhibits as well as allow the firm <br />to expand its manufacturing area. The <br />estimated cost of the addition is $300,000. <br />The estimated taxes to be abated during the <br />seven year abatement period is $40,914. <br />The project is estimated to create two new <br />permanent full-time jobs and one permanent <br />part-time job representing a new annual <br />payroll of $88,500. The project will also <br />maintain thirteen permanent full-time and <br />one permanent part-time job representing an <br />annual payroll of $563,500. LNW Partners <br />has had no previous tax abatements. The <br />property is properly zoned for the proposed <br />project. The property is in the Airport <br />Economic Development Area; therefore, the <br />petition for real property tax abatement must <br />first be approved by the South Bend <br />Redevelopment Commission. The project <br />meets the qualifications for aseven-year real <br />property tax abatement under the tax <br />abatement ordinance. <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2259 <br />approving an application for real property tax <br />deduction for property located in the Airport <br />Economic Development Area. (LNW <br />Partners LLP, d/b/a We R Xhibits) <br />COMMISSION APPROVED RESOLUTION N0.2259 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (LNW PARTNERS LLP, <br />D/B/A WE R XHIBITS) <br />15 <br />