No. 2766 approving an application for personal property tax deduction (2722 W. Tucker Dr.)

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[A South Bend Redevelopment Commission RE: Steel Warehouse (Personal Property Abatement) September 7, 2010 Page 2 equipment for manufacturing, servicing, processing and material handling of steel and steel products, having a total cost expected to be from $1,000,000 to $2,500,000. The acquisition will enable the company to add capacity to and to modernize its existing manufacturing equipment and facilities at this location. Total taxes to be abated during the five -year (5) abatement period are estimated to be between $6,445 and $16,113. Total taxes to be paid during the five -year (5) abatement period are estimated to be between $67,999 and $169,997. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create four (4) to seven (7) new permanent full time jobs at the Tucker location representing a new annual payroll of $134,500 to $232,600.. The project is also expected to retain a total of four (4) full -time jobs, representing an annual payroll of $133,120 at the facility. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted the following previous tax abatements: Term/Type Resolution No. Date 5 year personal property 1169 -84 June 25, 1984 5 year personal property 1432 -86 Sept. 8, 1986 5 year personal property 1674 -88 Nov. 28, 1988 10 year real property 1964 -92 July 27, 1992 5 year personal property 1965 -92 July 27, 1992 10 year real property 2157 -94 July 11, 1 994 5 year personal property 2158 -94 July 11, 1994 10 year real property 2371 -96 June 24, 1 996 5 year personal property 2372 -96 June 24, 1996 10 year real property 2496 -97 August 25, 1997 5 year personal property 2495 -97 August 25, 1997 5 year personal property 2714 -99 March 22, 1999 10 year real property 2798 -99 Oct. l 1, 1999 5 year personal property 2896 -00 June 26, 2000 10 year real property 2895 -00 June 26, 2000