Confirming Tax abatement - 1400 West Riverside Drive - Steel Warehouse Company, LLC

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South Bend Common Council RE: Tax Abatement for Steel Warehouse Company, LLC September 10, 2009 Page 2 produce parts for customers needing armor plate processed to highly demanding tolerances. The total estimated cost of the equipment is $2,100,000 to $3,000,000. Depending on the final value of the equipment to be procured total taxes to be abated during the (5) five-year abatement period are estimated to be between $14,676 and $20,966. Total additional taxes to be paid as a result of the project during the five-year abatement period are estimated to be between $129,857 and $185,510. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create three (3) to twelve (12) new, permanent full-time positions with an annual payroll of $93,600 to $374,400. The project will also maintain four (4) existing permanent full-time positions with a total annual payroll of $124,800. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with the following previous tax abatements: Term/Type Resolution No. Date 5 year personal property 1169-84 June 25, 1984 5 year personal property 1432-86 Sept. 8, 1986 5 year personal property 1674-88 Nov. 28, 1988 10 year real property 1964-92 July 27, 1992 5 year personal property 1965-92 July 27, 1992 10 year real property 2157-94 July 11, 1994 5 year personal property 2158-94 July 1 1, 1994 10 year real property 2371-96 June 24, 1996 5 year personal property 2372-96 June 24, 1996 I O year real property ~ 2496-97 August 25, 1997 5 year personal property 2495-97 August 25, 1997 5 year personal property 2714-99 March 22, 1999 10 year real property 2798-99 Oct.l 1, 1999 5 year personal property 2896-00 June 26, 2000 10 year real property 2895-00 June 26, 2000 5 year personal property 3035-01 Sept. 24, 2001 10 year real property 3036-01 Sept. 24, 2001