03-25-13 Agenda & Packet - Laserfiche WebLink

Home Browse Search

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