Laserfiche WebLink
in Clerk's Office <br />D'$ 201E <br />TO: SOUTH BEND COMMON COUNCIL SEE' <br />FROM: AARON KOBB KAREEMAN FOWLER <br />CITYCLERK, SOUTH BEND, IN <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Industrial Met -Fab, Inc. <br />DATE: September 8, 2016 <br />OnVednesday, September 7, 2016, a petition from Industrial Met Fab, Inc. was received <br />and subsequently filed with the City Clerk for personal property tax abatement <br />consideration for property to be located at 2806 W. Sample Street, South Bend, IN 46619. <br />Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South <br />Bend, this petition was referred to the Department of Community Investment for purposes <br />of 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 />➢ Estimated total taxes on new equipment over the five year abatement period — <br />$10,294 <br />➢ Estimated taxes abated on new equipment over the five year abatement period — <br />$4,719 <br />Total taxes to be paid on new equipment over the five year abatement period — <br />$5,575 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 10 permanent, full-time jobs within the six year abatement period, <br />representing anew estimated annual payroll of $332,800 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAW LOWSKI AARON KOBB <br />