05-11-20 Agenda Packet - Laserfiche WebLink

Home Browse Search

TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Daniel Buckenmeyer, Director of Business Development SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: BAMAR PLASTICS,INC. DATE:May 6, 2020 On Monday, April 20, 2020, a petition from Bamar Plastics, Inc. was received and subsequently filed with the City Clerk for a personal property tax abatement. Bamar Plastics is located at 1702 Robinson Street, South Bend, IN 46613. 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) and makes the following report. PROJECT SUMMARY D Private investment in personal property — new manufacturing equipment, with purchase price of$647,000.The company is planning to purchase large presses and IT equipment. D A woman-owned business, Bamar Plastics, which has primarily served the automotive industry, is expanding its business product line and moving into the medical field. The medical line requires high volumes, larger part sizes and assembly. D An estimated amount of personal property taxes for a 5-year period with this private investment is $11,673. EMPLOYMENT IMPACT Per this petition, it is estimated that the company will: D Retain fourteen (14) permanent full-time jobs representing a total annual payroll of$680,205. The hourly average wage is $23.35. D Create one (1) new permanent, full-time job within the first year of this tax abatement with a total estimated annual payroll of$60,000. The estimated hourly average wage is$28.85.