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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/235-9371 <br />FAx 574/235-9021 <br />CCIY OF SOUTH BEND STEPHEN J. LUECKF., MAYOR <br />COMMUNITY HL ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPOR T <br />TO: SO[JTH BEND RF_,DF,VELOPMENT COMMISSION <br />FROM: BOB MATHIA ~'~,~~ <br />Si1B.IECT: PF,RSONAL PROPERTY TAX ABAI~F,MF,NT PETITION FOR: <br />SOUTH BEND GEAR, 1.LC <br />DATE: January 31, 2011 <br />On January 28, 2011, a petition for personal property tax abatement consideration for property located at <br />3849 Showerlux Drive was filed with the City Clerk by South Bend, Gear, LLC. Pursuant to Chapter 2, <br />Article 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 />South Bend Gear, LLC is a start up company that will produce engine gears for the heavy duty truck <br />market in North America. The project will acquire several pieces of turning, gear cutting and gear <br />finishing equipment as well as robots and automation equipment. Under a separate project a building is <br />being constructed to house the new company. The personal property project will be implemented in two <br />phases over a two year period beginning with installation of an initial group of machines during July, 201 1 <br />with final installation of machinery by February, 2013. <br />The estimated cost of the two phase project is $15,600,000. Total taxes to be abated during the (5) five- <br />year abatement period are estimated at $678,507. Total taxes to be paid during the (5) five-year abatement <br />period are estimated at $617,395. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL BL PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LEONARD <br />EAX: 574/235-9469 574/235-9371 <br />