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TAX ABATEMENT REPO T Filed in Clerk's mice <br />SEP 0.8 2- 018 <br />TO: SOUTH BEND COMMON COUNCIL <br />KA REEMAH FOWLER <br />FROM: AARON KOBB C rYCLERK, �.�OIJ H SEND, IN <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Imagineering Enterprises, Inc. <br />DATE: September 7, 2016 <br />On Wednesday, September 7, 2016, a petition from Imagineering. Enterprises, Inc. was <br />received and subsequently filed with the City Clerk for real property tax abatement <br />consideration for property located at 3722 Foundation Ct, South Bend, IN 46628. Pursuant <br />to 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 />Approximately $500,000 expansion of current facility along with the purchase of <br />approximately $3,000,000 of new equipment. <br />➢ Total taxes on new building and improvements during six year abatement period — <br />$76,014 <br />Estimated taxes being abated on new building improvements during six year <br />abatement period — $7635 <br />Total taxes to be paid on new building and improvements during six year abatement <br />period — $68,379 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />Create 25 permanent, full -time jobs within the six year abatement period, <br />representing a new estimated annual payroll of $780,000 <br />➢ 135 total jobs will be retained with a total annual payroll of approximately <br />$5,616,000 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEKELOPNIENT ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />