01-09-12 Council Agenda & Packet

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South Bend Common Council RE: Tax Abatement for Steel Warehouse Company LLC December 22, 2011 Page 2 The total estimated cost of the equipment is $1,900,000 to $3,400,000. Depending on the final value of the equipment to be procured total taxes to be abated during the(5) five-year abatement period are estimated to be between $83,839 (for a project cost of$1,900,000) and $150,028 (for a project cost of$3,400,000). Total additional taxes to be paid as a result of the project during the five-year abatement period are estimated to be between$81,617(for a project cost of$1,900,000) and $146,051 (for a project cost of$3,400,000). EMPLOYMENT IMPACT Per the petition,it is estimated that the project will create ten(10)new,permanent full-time positions with an annual payroll of$314,000. The project will also maintain twenty(20) existing permanent full-time positions with a total annual payroll of$653,793. ABATEMENT QUALIFICATION I. A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with the previous tax abatements listed below. Term/Type Resolution No. Date 5 year personal property 116984 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.11, 1999 5 year personal property 2896-00 June 26, 2000 10 year real property 2895-00 June 26, 2000 5 year personal property 3035-01 Sept. 24, 2001 10 year real property 3036-01 Sept. 24, 2001 5 year personal property 3380-04 Sept. 27, 2004