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�SpU T$8�� <br /> p �\�ll�il���/��� d <br /> 1200 Co�rrrrr-Crrr BuiLOirrc ���.\ ���d PxoNE 574/235-9371 <br /> V �� \\ ,i�, ii .. <br /> 227 W.JEFFERSON BOULEVARD W �� pgp�g / F� 574/235-9021 <br /> \ \� �.��/ a <br /> SOUTH BEND,INOUrrn 46601-1830 `�^ r'� /�'�'a� <br /> � � , ^ <br /> „ x <br /> 1865 <br /> CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br /> COMMUNITY �L ECONOMIC DEVELOPMENT <br /> JEFFREY V. GIBNEY <br /> EXECUTIVE DIRECTOR <br /> TAX ABA TEMENT REPOR T <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: BOB MATHIA <br /> SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> SOUTH BEND GEAR, LLC <br /> DATE: January 31, 2011 <br /> On January 28,201 l,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 a�id during the(5)five-year abatement <br /> period are estimated at $617,395. <br /> COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL&PROGRAM <br /> PAMELA C.MEYER DONALD E.INKS MANAGEMENT <br /> 574/235-9660 574/235-9371 Ec�znserH LeoNna� <br /> Fex: 574/235-9469 574/235-9371 <br />