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Filed in Clerk's Office <br /> ocr zo1� <br /> KAREEMAN F01^✓t ER <br /> ______j <br /> CiTYCLERK, SOUTH t3FND, IN <br /> TAX ABATEMENT REPORT " "` <br /> TO: South Bend Common Council <br /> FROM: Angelina Billo,Business Development Manager <br /> SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> South Bend Ethanol,LLC <br /> DATE: October 17,2018 <br /> On Monday, September 24, 2018, a petition from South Bend Ethanol, LLC was received <br /> and subsequently filed with the City Clerk for personal property tax abatement <br /> consideration for property to be located at 3201 W Calvert Street, South Bend, IN 46613. <br /> Pursuant to Chapter 2,Article 6,Section 2-84.2 of the Municipal Code of the City of South <br /> Bend,this petition was referred to the Department of Community Investment for purposes <br /> of investigation and preparation of a report determining whether the area qualifies as an <br /> Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning <br /> requirements have been met. <br /> The Department of Community Investment has reviewed the petition (a copy of which is <br /> attached),investigated the area,and makes the following report. <br /> PROJECT SUMMARY <br /> > Estimated$29,700,400 purchase of new equipment for South Bend ethanol plant <br /> > Manufacturing capacity to be increased to 100 million gallons per year from 65 <br /> million gallons per year <br /> > The company will purchase additional 12.5 million bushels of corn in the local <br /> market place from local fanners <br /> > Estimated total taxes on the new equipment during the five (5) year abatement <br /> period—$2,343,330 <br /> > Estimated taxes being abated during the five(5)year abatement period—$482,870 <br /> > Estimated taxes to be paid during the five (5)year abatement period—$3,220,606 <br /> EMPLOYMENT IMPACT <br /> Per this petition,it is estimated that the company will: <br /> ➢ Continue to employ sixty-six (66) permanent full-time jobs representing a total <br /> annual payroll of$4,294,865. The hourly average wage is$31.29. <br /> D Create five (5) new permanent, full-time jobs within two years with a total <br /> estimated annual payroll of$288,000. The estimated hourly average wage is$26. <br />