Confirming Tax Abatement - South Bend Gear, LLC 3849 Showerlux Dr. (5 Yr. Personal Property)

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CITY OF SOUTH BEND PETITION FOR TANGIBLE PERSONAL PROPERTY TAX ABATEMENT CONSIDERATION The undersigned owner(s) of new manufacturing equipment, personal property, located within the City of South Bend, hereby petitions the Common Council of the City of South Bend for personal property (new manufacturing eguipment) tax abatement consideration and pursuant to I.C., 6-1.1-12.1, et seq•, and South Bend Municipal Code Section 2-84.2, et seq•, for this petition states the following: 1. Describe the proposed project, including information about the new manufacturing equipment personal property (Aequipment@) to be installed, the amount of land to be used, if any, the proposed use of the equipment, and a general statement as to the value of the project to your business. South Bend Gear, LLC is a start up Companv to produce en�ine gears for the heaw dutv truck market in North America. This proiect will consist of several pieces of turning, �ear cutting and gear finishin� equipment as well as robots and automation equipment. This proiect allows a new start up Company to �row and expand in South Bend, creatin� new jobs and having a significant impact on purchases from local suppliers. In addition, it will create tax revenue at local and state levels. This project will be implemented in two phases over a two year period beginning with i�stallation of machines in July, 2011 and ending June 30, 2013. It is estimated that there will be 26 new employees hired bv June 30, 2013. 2. The project will create 12 new, permanent jobs within the first year, representing a new annual payroll of $ 550,000 and will maintain 0 New Start Up) existing permanent full-time and 0 existing part-time jobs representing an annual payroll of$ 0 . The projected annual salaries for each new position created are estimated to be as follows: $37,440 each hourlv position. It is estimated that there will be 26 new emplovees hired by June 30, 2013. 3. Estimate the total cost of the Equipment: $15,600,000 over a 2 year period. 4. (a) The Equipment is owned or to be owned by the following individuals or corporations (if the business organization is publicly= held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): NAME ADDRESS INTEREST South Bend Gear, LLC 3849 Showerlux Drive, South Bend, In. 46628 100% interest. (Revised 8/2/02) 1