Confirming Tax Abatement - 3702 West Sample Street, Suite 1125 - Triangle Machine, Inc.

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1200 COUNTY-CITY BUILDING 227 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-I83O PHONE 574/235-9371 FAx 574/235-9021 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~ ECONOMIC DEVELOPMENT JEFFREY V. GIBNEY EXECUTIVE DIRECTOR TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BOB MATHIA SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: TRIANGLE MACHINE, INC. DATE: March 4, 2008 On March 3, 2008, a petition for personal property tax abatement consideration for property located at 3702 West Sample Street, Suite 1125 was filed with the City Clerk by Triangle Machine, 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 and Economic Development 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 and Economic Development has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY Triangle Machine, Inc. is a manufacturer of precision machined components. The company plans to purchase and install new equipment (one Haas VF-1 CNC Milling Center) that will give it the ability to complete work in-house that is currently outsourced to other firms and at the same time increase its productive capacity. The project will invest $75,586. Total taxes to be abated during the five-year (5) abatement period are estimated at $4,636. Total taxes to be paid during the five-year (5) abatement period are estimated at $2,413. COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL S~ PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 574/235-9371 ELIZA¢ETH LEONARD FAX: 574/235-9697 574/235-9371