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03-11-23 Agenda & Packet
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03-11-23 Agenda & Packet
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3/7/2013 11:03:03 AM
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RE: Tax Abatement General Sheet Metal Works, Inc. <br /> February 21, 2013 <br /> Page 2 <br /> South Bend Common Council <br /> Adding this capability will enable the company to better utilize the capacity of other equipment, already <br /> owned, which cuts such tube stock into precision lengths and designs. While the exact specification is <br /> pending, the investment is expected to total $675,000. Other equipment being added in connection with <br /> the expansion includes a Davi Roll for $100,000 and a Trumpf Electric Press Brake for $130,000. The <br /> total project cost is estimated at $1,730,000. <br /> Total taxes to be abated during the (5) five-year abatement period are estimated at$17,079. Total new <br /> taxes to be paid over five years are estimated at $150,652. Net tax paid is estimated at $863,968. <br /> EMPLOYMENT IMPACT <br /> Per the petition, it is estimated that the total project will: (a) create 9 (nine) permanent, full-time and 0 <br /> (zero)permanent,part-time jobs within the first year,representing a new annual payroll of$389,673 and <br /> (b) will maintain 112 existing permanent full-tune and 0 (zero) existing part-time jobs representing an <br /> annual payroll of$4,850,000 for existing employees. <br /> ABATEMENT QUALIFICATION <br /> 1. A review of the tax abatements previously granted, finds that the petitioner has been granted or <br /> associated with 4 (four)previous tax abatements: <br /> Term/Tune Resolution No. Date <br /> 5 Year Personal 3251-03 10/13/03 <br /> 5 Year Personal 2847-00 03/13/00 <br /> 5 Year Personal 2672-98 09/14/98 <br /> 5 Year Personal 2483-97 06/15/97 <br /> 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br /> for the proposed project. <br /> 3. A review of the South Bend Redevelopment designation areas finds that the property is located in <br /> the Sample-Ewing Economic Development Area. <br /> 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br /> qualifications for a (5) five-year personal property tax abatement under section 2-84.2, Tangible <br /> Personal Property Tax Abatement. <br />
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