Confirming Tax Abatement - 1710 North Sheridan Street - Hoosier Tank and Manufacturing, Inc. - Five Year Personal Property

Home Browse Search

CITY OF SOUTH BEND PETITION FOR TANGIBLE PERSONAL PROPERTY TAX ABATEMENT CONSIDERATION The undersigned owner(s) of new manufacturing equipment, personal property, located within the City of South Bend, hereby petitions the Common Council of the City of South Bend for personal property (new manufacturing equipment) tax abatement consideration and pursuant to I.C., 6-1.1-12.1, et seq., and South Bend Municipal Code Section 2-84.2, et seg•, for this petition states the following: 1. Describe the proposed project, including information about the new manufacturing equipment personal property (AequipmentC) to be installed, the amount of land to be used, if any, the proposed use of the equipment, and a general statement as to the value of the project to your business. In April, Hoosier Tank purchased the assets (machinery, tooling, intellectual property) of their competitor, Quest Manufacturing. This increased the customer base, and select equipment has been put in service to date, mire will he added in h iitirP. A N w state of the art powder C^.at~^g,ai'''~-~'^° YT3~1~ r0~~.c'tir'e the BYlStlll~Zc'tlnt r~rnrc~ccAC cri~~ina NOOSler Tank a superior coating that will open opportunities in new markets. 2. The project will create 6-10 new, permanent jobs within the first year, representing a new annual payroll of $ ~ nn ,nnn r ~ ~ ~ 5 _ nn~nd will maintain 52 existing permanent full-time and 0 existing part-time jobs representing an annual payroll of $1, 800 , 000 .The projected annual salaries for each new position created are estimated to be as follows: ,,,~L1 nrnr7~in t i nn Tunrkr~rc (d ~~n nnn 3. Estimate the total cost of the Equipment: $950,000 4. (a) The Equipment is owned or to be owned by the following individuals or corporations (if the business organization is publicly= held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): NAME ADDRESS INTEREST Hoosier Tank 1710 No. Sheridan South Bend, IN Thomas Kinnucan Jr 51930 Juniper Rd South Bend, IN 50% William Welsch 23750 Davis Lake St Edwardsburg, MI 50% (Revised 8/2/02) 1