09-12-16 Council Packet and Agenda

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TAX ABATEMENT REPORT Filed in Clerk's Office TO: SOUTH BEND COMMON COUNCIL SEP 0'$ 2016 FROM: AARON KOBB KAREEMAH FOWLER SUBJECT PERSONAL PROPERTY TAX ABATEMENT PETI RK, SOUTH Bi4D, IN Imagineering Enterprises, Inc. DATE: September 7, 2016 On Wednesday, September 7, 2016, a petition from Imagineerng Enterprises, Inc. was received and subsequently filed with the City Clerk for personal property tax abatement consideration for property to be located at 3722 Foundation Ct., South Bend, IN 46628. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY Approximately $500,000 expansion of current facility along with the purchase of approximately $3,000,000 of new equipment. Estimated total taxes on new equipment over the five year abatement period — $257,360 Estimated taxes abated on new equipment over the five year abatement period — $118,589 A Total taxes to be paid on new equipment over the five year abatement period — $138,771 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: Create 25 permanent, full -time jobs within the six year abatement period, representing a new estimated annual payroll of $780,000 135 total jobs will be retained with a total annual payroll of approximately $5,616,000 PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESs DEVELOPKENT ECONOMIC RESOURCES TIM CORCORAN PAMELA C, MEYER BRIAN PAWLOWSKI AARON KOBB