Confirming Tax Abatement - 4747 W. Cleveland Road - PEI-Gensis, Inc.

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South Bend Common Council RE: Tax Abatement for PEI-Genesis June 19, 2006 Page 2 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will generate (12) twelve new, permanent, full-time jobs representing a new annual payroll of $340,000. The project will also maintain 140 existing, permanent, full-time jobs and (4) four existing, part-time jobs representing an annual payroll of $3,700,000. ABATEMENT QUALIFICATION A review of the tax abatements previously granted finds that the petitioner has been granted a previous tax abatement. Term/Tune Resolution No. Date 6-year real property 3083-02 4/22/02 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 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 (5) five-year personal property tax abatement under section 2-84.2 (Tangible Personal Property Tax Abatement) for $2.3 million of manufacturing equipment, but does not meet the ordinance requirements for the $1.2 million of logistical distribution and information technology equipment. Tax abatement is being sought on the $1.2 million of equipment as a Special Exception. State law was changed this year to provide for Tax Abatement on both logistical distribution and information technology equipment. ~1iE'd ~tl~ ~~~E~~ aura 2 0 2005 10t1N VCOR~E CITY CLEnK, CO. BE;d'3, IN.