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South Bend Redevelopment Commission RE: Tax Abatement for The Tire Rack, Inc. April 4, 2012 Page 2 abated during a (4) four year abatement are estimated at $419,798. Total taxes to be paid during a (4) four year abatement are estimated at $354,829. Total taxes to be abated during a (3) three year abatement are estimated at $342,052. Total taxes to be paid during a (3) three year abatement are estimated at $238,918. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create at least thirty (30) new, permanent, full - time jobs in the first year of production representing a new annual payroll of at least $1,600,000. The project will maintain 396 existing, permanent, full -time jobs with a total annual payroll of $26,500,000. ABATEMENT QUALIFICATION A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with one previous tax abatements. Type Resolution Number Date 10 year real property abatement 2892 -00 June 26, 2000 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 tax deduction 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 for a (3 ) three to (5) five -year real property tax abatement under section 2 -83, Real Property Tax Abatement- Warehouse Development City -Wide.