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1200 CouNTY -CSTY BUILDIN6 <br />227 W. JEFFERSON Boui,FvAm <br />Soum BEND, INDLwNA 4660 1 -1 830 <br />PHONE 5741235 -9371 <br />FAx 5741235 -9021 <br />TDD 574! 235 -5567 <br />CITY OF SOUTH BENZ? S'T'EPHEN J. LUEcKF, MAYOR <br />COMMUNITY& EcONOMIC EVELOPMENT <br />JEFFREY V. GIBNEY <br />EXEcMvE DIRECTOR <br />TAX ABA TEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: 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 (a copy of which is <br />attached), investigated the 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 />Commumn NvELOPM.ENT ECONOM1c DEVELOPMENT FINANCIAL & PROCR M <br />PAMELA C. MEYER DONAW F., INKS MANACFMF..NT <br />5741235 -9660 5741235 -9371 ELJZAwm LEONARD <br />FAX: 5741235 -9697 574/235 -9371 <br />