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1200 CouN"fY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />I:~~X ABATEMENT REPORT <br />TO: <br />FROM: <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />BOB MATHIA ~ ~~' <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />VALUE PRODUCTION, INC. <br />DATE: May 3, 2010 <br />On May 3, 2010, a petition for personal property tax abatement consideration for property located at 2629 <br />Foundation Drive was filed with the City Clerk by Value Production, Inc. Pursuant to Chapter 2, Article <br />6, Section 2-84.2 of the Municipal Code of the City of South Bend, this petition was referred to the <br />Department of Community and Economic Development for purposes of investigation and preparation of a <br />report determining whether the area qualifies as an Economic Revitalization Area pursuant to <br />I.C.6-1.1-12.1 and whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition, investigated the <br />area, and makes the following report. <br />PROJECT SUMMARY <br />Value Production is a modern production machining facility. They provide one-stop shopping for design, <br />prototypes, and production, and it is an ISO 9001:2000 certified company. Value Production was <br />established in October of 2000. The company manufactures products for use in the aerospace, <br />automotive, medical, and commercial markets. The company will purchase a new, Swiss lathe, 2 Mazak <br />horizontal machining centers and a pallet control center for their custom manufacturing needs. The <br />project will invest $1,500,000 in this new equipment. Total taxes to be abated during the (5) five-year <br />abatement period are estimated at $41,882. Total taxes to be paid during the (5) five-year abatement <br />period are estimated at $124,606. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM <br />PAAIHLA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LeoNARD <br />FAX: 574/235-9697 574/235-9371 <br />