Confirming Tax Abatement - G.H.S. Corporation d/b/s Strings 6879 Enterprise Dr. (5 Yr. Personal Property)

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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. 1-1 et seq., and South Bend Municipal Code Section 2-84.2 et sec ., for this petition states the following: 1. Describe the proposed project, including information about the new manufacturing equipment personal property ("equipment") 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. G.H.S. Corporation dibla GHS Strings (the "Petitioner") is one of the largest domestic manufacturers of strings for fretted instruments, including (for example) strings for classic acoustic and electric guitars, bass instruments, mandolins, banjos, fiddles and man o~ ther instruments. Petitioner. is proposing to relocate its r~marv string manufacturing operations to South Bend, Indiana in a phased transition to ramp-up and commence production during 2_011. The Petitioner's project consists of the installation of string manufacturing equipment including, without limitation, automated ball-end machine(s) and computer monitored string tension and winding equipment, having an original cost in excess of $650,000. 2. The project will create at least 15-20 new, permanent, jobs within the first year, representing a new annual payroll of between $350,000 and $500,000. The Petitioner anticipates that the number of jobs (and associated payroll) will nearly double as production progresses through 2011 and 2012. The jobs related to this proposed project are new jobs to the South Bend community. The Petitioner is working with a staffing placement firm to seek qualified candidates for various positions. With the exception of certain salaried positions, Petitioner anticipates paying an hourly wage in excess of $9.00 per hour, together with paid holidays. 3. Estimate the cost of the Equipment: The estimated cost of equipment which will be reported for Indiana personal property taxes is estimated to be between $600,000 and $1 000 000. 4. (a) The Equipment is owned or to be owned by the following individuals or corporations (if the business organization ispublicly-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 G.H.S. Corporation 2813 Wilber Ave. Owner (or subsidiary) Battle Creek, MI 49015