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02-14-11 Council Agenda & Packet
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02-14-11 Council Agenda & Packet
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12()0 COUNTY -C1TY BUILDNIc <br />227W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601 -1830 <br />PHONr 5741235 -9371 <br />FAx 5741235 -9021 <br />CITY OF SOUTH BEND STEPHEN J. LuE'ci<., MAYOR <br />COMMUNITY& ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE, DIRECTOR <br />TO: SOUTH BEND COMMON COUNCIL <br />PROM: BOB MATHIA <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR- <br />SOUTH BEND GEAR, LLC <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 (a copy of which is <br />attached), investigated the 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, 2011 <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 DWFWPMENT EECONOMic DEVELQPMENT FINANCIAL & PROCRAM <br />POOLA C. ME \'ER DONALD E. INKS MANAGEMENT <br />574!235 -9660 5741235 -9371 EL KZA➢ETH LEONARD <br />FAX: 574(235 -9469 574/235 -9371 <br />
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