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TAXABATEMENT REPORT <br />TO: South Bend Common Council <br />FROM: Dan Buckenmeyer, Director of Business Development <br />SUBJECT: REAL & PERSONAL PROPERTY TAX ABATEMENT PETITION FOR <br />Tri-Pac, Inc. <br />DATE: September 23, 2020 <br />On Wednesday, August 26, 2020, a petition from Tri-Pac, Inc. was received and <br />subsequently filed with the City Clerk for real and personal property tax abatements <br />consideration for property located at 4303 Technology Drive, South Bend, IN 46628. <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 />➢ Tri-Pac has been shifting primary focus towards Pharmaceutical and over the <br />counter (OTC) manufacturing, a new business area that is quickly growing for the <br />company along with Personal Protective Equipment (PPE) and hand sanitizers. The <br />i company donated thousands of PPE and hand sanitizers to local hospitals and is <br />now entered in the Indiana PPE portal to help more companies. <br />i ➢ 40,000 sq.ft. building with purchase price of $2,125,000 and an additional <br />$1,000,000 in planned private investment for building upgrades to operate <br />manufacturing facility. <br />➢ Additional private investment in personal property — new manufacturing equipment <br />with purchase price of $2,000,000. <br />➢ Current and estimated property taxes for a 10 -year period with and without private <br />investment: <br />Property Current <br />Annual <br />Property Tax <br />Estimated Tax wto <br />Private Investment for <br />10 Years <br />Est. Tax with Private <br />Investment for 10 <br />Years <br />Building & Renovation $29,703 <br />$297,030 <br />$411,502 <br />Equipment — 5Y $0 <br />$0 <br />$111,000 <br />Total: $29,703 <br />$297,030 <br />$522,502 <br />