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1200 COIJN'['Y-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />SHARON T. ICENDALL <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: SHARON TERRELL <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Value Production, Inc. <br />DATE: October 17, 2006 <br />On October 5, 2006, a petition for personal property tax abatement consideration for property located at <br />2629 Foundation Drive was filed with the City Clerk by Value Production, Inc. 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 ofwhich is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />Value Production is a modern production machining facility. They provide one-stop shopping for design, <br />prototypes, and production, and is an ISO 9001:2000 certified company. Value Production was <br />established in October of 2000. The company manufactures tooling for use in the aerospace, automotive, <br />medical, and commercial markets. The company will purchase a new, high-end mill and lathe for their <br />custom aerospace manufacturing needs. The project will invest $500,000 in this new equipment. Total <br />taxes to be abated during the (5) five-year abatement period is estimated at $30,462. Total taxes to be <br />raid during the (5) five-year abatement period is estimated at $15,852. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCUIL SC PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 5741235-9371 ELIZABETH LEONARD <br />FAX: 574/235-9697 574/235-9371 <br />