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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: AARON KOBB <br />File in Clerk's Office <br />FAUG 17 2016 <br />CITY CLERK, SOkJT€ BEND., IN <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />3B Tech, Inc. <br />DATE: August 17, 2016 <br />On Wednesday, August 17, 2016, a petition from 3B Tech, Inc. was received and <br />subsequently filed with the City Clerk for personal property tax abatement consideration <br />for property to be located at 7250 Vorden Pkwy, South Bend, IN 46628. Pursuant to <br />Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, <br />this petition was referred to the Department of Community Investment for purposes of <br />investigation and preparation of a report determining whether the area qualifies as an <br />Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />➢ Purchase of approximately $640,000 of new equipment enabling them to continue <br />to grow their brand and e- commerce businesses, remain in South Bend, and <br />expand their workforce. 3B Tech plans to renovate the existing warehouse with <br />new racking, automation, and support equipment. At the same time, they plan to <br />expand the existing tech room and add a lab to support in house R &D for new <br />products. <br />➢ Estimated total taxes on new equipment over the five abatement period — $54,904 <br />➢ Estimated taxes abated on new equipment over the five abatement period — <br />$25,200 <br />➢ Estimated taxes to be paid on new equipment over five year abatement period — <br />$29,704 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 100 permanent, full -time jobs within the five year abatement period, <br />representing a new estimated annual payroll of $3,536,000 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON ROBB <br />