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�SpU TH g�,� <br /> � ���Il�il�l�/��� p <br /> iZOO COUNTY-CITY BUILDING ..�, ����\ /��d PHOrre 574/235-9371 <br /> v ��\� ,�„ .� � <br /> Z27 W.JEFFERSON BOULEVARD Fa�c 574/235-9021 <br /> (aJ, ��\\HACE�/ a <br /> $OUTH BEND,INOUrrn 46601-1830 �r!•`��r �-,��a� <br /> 'l� <br /> 1865 <br /> CITY OF SOUTH BEND STEPHEN J. LUECKE,MAYOR <br /> COMMUNITY HL ECONOMIC DEVELOPMENT <br /> ,JEFFREY V. GIBNEY <br /> EXECUTIVE DIRECTOR <br /> February 4, 2011 <br /> Council Member Timothy A. Rouse, Chairperson <br /> Community& Economic Development Committee <br /> South Bend Common Council <br /> 4th Floor, County City Building <br /> South Bend, IN 46601 <br /> RE: Personal Property Tax Abatement Designation Increase for: <br /> McCormick & Company, Incorporated <br /> Dear Council Member Rouse: <br /> Please find attached a letter from Ms. Deidre Cassidy, Director of State and Local Tax for <br /> McCormick&Company, Incorporated. The letter contains a request for an increase in the amount <br /> of the company's five year personal property tax abatement granted by the Common Council through <br /> resolution #4076-11on January 24, 2011. The original amount requested, as amended, was <br /> $1,362,173.They are planning to move an existing brand of products from a co-packer to a company <br /> owned facility. The estimated cost in equipment to set up the new operation is$6,774,426. They are <br /> considering their South Bend facility for this move. As a result,they are asking that the amount of <br /> their personal property abatement by increased by $6,744,426 to a new total of$8,136,599. The <br /> abatement's Economic Revitalization Area designation has an expiration date of July 25, 2012, <br /> which allows time for the move to be carried out. <br /> With this increase the total taxes abated and paid will increase from $10,073 and $103,084 <br /> respectively to $125, 205 and $550,707. It should also be noted that the company had planned to <br /> increase employment by five positions under its abatement as currently approved. However, it has <br /> already increased total employment by 10 positions to a new total of 133 jobs and total wages have <br /> gone from $6,288,988 to $6,718,833 for an increase of $429,845 (the projected increase was <br /> $177,247). With the proposed move the company would add an additional 14 positions and increase <br /> wages by another$483,101. <br /> The request requires a reconfirming resolution from the South Bend Common Council. In addition <br /> to Ms. Cassidy's letter,I have attached a copy of a revised Statement of Benefits(Form SB-1)and a <br /> COM�tUNITY DEVELOPMENT ECONOMIC DEVELOPT4ENT FINANCIAL SL PROGRAM <br /> PAMELA C.MEYER DONALD E.INKS MANAGEMENT <br /> 574/235-96G0 574/235-9371 ELIZABETH LEONAAD <br /> Fnx: 574/235-9�69 574I235-9371 <br />