Confirming Tax Abatement - 1400 W Riverside Dr. (5yr.pp) Steel Warehouse

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South Bend Common Council RE: Tax Abatement for Steel Warehouse Company, LLC September 2, 2010 Page 2 The total estimated cost of the equipment is $2,400,000 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 $55,746 and $77,809. Total additional taxes to be paid as a result of the project during the five-year abatement period are estimated to be between $163,197 and $203,997. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create seven (7) to nineteen (19) new, permanent full-time positions with an annual payroll of $212,700 to $582,864. The project will also maintain four (4) existing permanent full-time positions with a total annual payroll of $133,120. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with the previous tax abatements listed below. In addition, at this time the company is also petitioning for a personal property tax abatement at its 2722 W Tucker Dr. location. Term/Tme 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 l 1, 1994 10 year real property 2371-96 June 24, 1996 5 year personal property 2372-96 June 24, 1996 10 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