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CITY OF SOUTH BEND PETITION O. <br />rANGIBLE PERSONAL PROPERTY T.. ABATEMENT CONSIDERATION <br />The undersigned owner(s) of new manufacturing equipment, personal property, <br />located within the City of South Bend, hereby petitions the Common Council of the <br />City of South Bend for personal property (new manufacturing equipment) tax <br />abatement consideration and pursuant to I.C., 6 -1.1 -12.1, eta and South Bend <br />Municipal Code Section 2 -84.2, et sec l., for this petition states the following: <br />1. Describe the proposed project, including information about the new <br />manufacturing equipment personal property (Aequipment @) to be installed, the <br />amount of land to be used, if any, the proposed use of the equipment, and a <br />general statement as to the value of the project to your business. <br />South Bend Gear, LLC is a start up Company to produce engine gears for the <br />heayl du truck market in North .,America. This pr2ject will consist of several <br />pieces of turning, gear cutting and gear finishing equipment as well as robots <br />and automation equipment. This project allows a new start up Company to <br />grow and expand in South Bend, creating new jobs and having a significant <br />impact on purchases from local suppliers. In addition it will create tax revenue <br />at local and state levels. This Project will be implemented in two phases over a <br />two year period beginning with installation of machines in July, 2011 and <br />ending Feb. 132 2013. It is estimated that there will be 26 new employees hired <br />by Fah_ n, 2013. <br />2. The project will create 12 new, permanent jobs within the first year, <br />representing a new annual payroll of $-„ 550,000 and will maintain 0 (New <br />Start Up) existing permanent full -time and 0 existing part -time jobs <br />representing an annual payroll of $ 0 . The projected annual salaries for each <br />new position created are estimated to be as follows: <br />. <br />$37,440 each_.,,., hourly position. It is estimated that there will be 26 new <br />employees hired by Feb„1,3 2013,_ <br />3. Estimate the total cost of the Equipment: $15,600,000 over a 2 year period. <br />4. (a) The Equipment is owned or to be owned by the following individuals or <br />corporations (if the business organization is publicly= held, indicate also the <br />name of the corporate parent, if any, and the nacre under which the <br />corporation has filed with the Securities and Exchange Commission): <br />NAME ADDRESS INTEREST <br />South Bend Gear LLC 3849 Showerlux Drive South Bend In. 46628 <br />100% interest. <br />(Revised 812102) 1 <br />