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II. Bill No. Petition for Personal Property Tax Abatement -- <br /> Aquarius Tool and Die <br /> Mr. John Fonash, of the City' s Department of Economic <br /> Development, presented the petition for personal property tax <br /> abatement filed by Aquarius Tool. Mr. Fonash noted that no new jobs <br /> would be created, but that 26 jobs would be maintained. He noted <br /> that Aquarius Tool was located in the TIF area but not in a tax <br /> abatement area. Mr. Fonash indicated that without tax abatement <br /> $11,063. 00 in personal property taxes would be paid over the 5-year <br /> period, that $8,750 in taxes was proposed to be abated, and that <br /> $2,313 in personal property taxes was proposed to be paid over the <br /> 5-year period. <br /> Public Portion: <br /> No comments. <br /> Council Portion:. <br /> Mr. Luecke asked how long the companies had been in business. <br /> Mr. Parker noted that Automatic Technologies has been in business <br /> approximately 26 years and that Aquarius Tool and Die has been in <br /> business approximately 12 years. <br /> Mr. Slavinskas questioned whether there was a sufficiently <br /> trained work force to work in this industry. Mr. Parker said that <br /> there was, but no over supply of such trained workers. <br /> Motion to send to Council with favorable recommendation made. by <br /> Council Person Duda, seconded by Council Person Niezgodski, and <br /> approved unanimously. <br /> III . Bill No. Petition for Personal Property Tax Abatement <br /> Lock Joint Tube <br /> Personal property tax abatement of Lock Joint Tube. Mr. John <br /> Fonash, of the. City's Department of Economic Development, presented. <br /> the petition of Lock Joint Tube for personal property tax abatement. <br /> Mr. Fonash indicated that the new equipment to be purchased would be <br /> used in the production of tubing and would improve the productivity, <br /> quality, and efficiency of production at Lock Joint Tube. Mr. Fonash <br /> noted that the predecessor owner, which had filed Chapter 11 <br /> Bankruptcy, had left the company in a situation that required the new <br /> owner to receive the petitioned tax abatement in order to be <br /> competitive. <br /> Mr. Fonash noted that the value of the equipment to be installed <br /> totalled $1,250,000, that ten ( 10) new permanent full-time jobs would <br /> be created, and that 154 jobs would be maintained. Mr. Fonash noted <br /> that the business was located in neither a TIF nor a tax abatement <br /> area. Mr. Fonash further noted that over the 5-year period in <br />