Confirming Tax Abatement - 2820 Viridian Drive - Mack Tool & Engineering, Inc.

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South Bend Redevelopment Commission RE: Mack Tool & Engineering, Inc. April 12, 2006 Page 2 EMPLOYMENT IMPACT Per the petition, this project will create five (5) new, permanent jobs within the first year, representing a new annual payroll of $200,000. There are currently fifty-four (54) employees with an annual payroll of $3,352,746. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner has been associated with or granted the following previous abatements: Term/Tme Resolution No. Date 5 year real property 1767-90 02/12/90 5 year personal property 1768-90 02/12/90 S year personal property 1977-92 12/14/92 5 year personal property 2241-95 05/22/95 5 year personal property 3361-04 7/26/04 5 year real property 3392-04 10/11/04 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 located at 2820 Viridian Drive is located in the Airport Economic Development Area, which is a Tax Increment Allocation Area; therefore, the petition for real property tax abatement 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 five (5) year personal property tax abatement under section 2-84.2 (Tangible Personal Property Tax Abatement). i~C''~ ii''. a~~. t..