4774-19 Chase Plastics Designating Personal Property Tax Abatement

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-_FiledTin_Clerk's Office ApR 3 20191 TAX ABATEMENT REPORT KAREE AH FOWLER L R CITY CLERK,SOUTH BEND,!N TO: South Bend Common Council FROM: Angelina Billo SUBJECT: Personal Property Tax Abatement Petition For: Chase Plastics Services, Inc. DATE: April 2, 2019 On March 25,2019 a petition for personal property tax abatement consideration for property located at 5245 Dylan Drive, South Bend,is filed with the City Clerk by Chase Plastics Services, Inc. Pursuant to Chapter 2, Article 6, Section 2-84.2 of the Municipal Code of the City of South Bend,this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY • Chase Plastics, a leading North American full-service specialty engineering thermoplastics distributor serving plastic processors throughout North and Central America, is planning to purchase and install new equipment at their distribution. Total estimated cost of equipment is approximately $823,000. The equipment will include storage racking, blending equipment and folk lifts. • Petitioner is qualified for a five-year personal property tax abatement. • Total taxes phased-in during a (5) five-year abatement period are estimated at $25,980. New project taxes will be $21,918. Total taxes to be paid over five years on the new and existing equipment are estimated at$31,859. EMPLOYMENT IMPACT Per this petition,the company will have nineteen(19)full-time jobs with an annual payroll of$775,384 by the end of 2019. It is estimated that in ten years the business will create twelve(12)new,permanent full- time positions and zero(0)part-time positions with an annual payroll of$475,280.