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04-08-2024 AGENDA PACKET FINAL
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04-08-2024 AGENDA PACKET FINAL
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TAX ABATEMENT REPORT Filed <br />Bian: <br />0: <br />in erk's Office <br />TO: South Bend Common Council 3 L024 <br />FROM: Erik Glavich, Director, Growth and Opportunity City Clerk, SouTirath doBend, IN <br />SUBJECT: Industrial Development Real Property Tax Abatement Petition for Steel <br />Warehouse Company, LLC <br />DATE: April 3, 2024 <br />On April 3, 2024, a petition for tax abatements from Steel Warehouse Company, LLC, was filed <br />with the Office of the City Clerk. The petition seeks consideration for an industrial development <br />real property tax abatement for the development of a new building at 2803 and 2920 Tucker <br />Drive in South Bend on Steel Warehouse's Tucker Drive campus. The new building will house <br />a new leveling line and material handling equipment for the company. The petition also seeks <br />consideration for a personal property tax abatement. <br />Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South <br />Bend, the petition was referred to the Department of Community Investment for purposes of <br />investigation and preparation of a report determining whether the area qualifies as an Economic <br />Revitalization Area pursuant to Indiana Code 6 1.1-12.1 and all zoning requirements have been <br />met. <br />The Department of Community Investment has reviewed the petition, investigated the area, and <br />makes the following report. <br />Project Summary <br />The petitioner will erect a 30,852 square foot building at 2722 Tucker Drive with an <br />expected construction cost of$3,500,000. <br />This building will be used to house a new leveling line which will require new machinery <br />and equipment with an expected cost of$9,050,000. This cost will be split roughly <br />evenly over 2024 and 2025. <br />Total investment for the project is projected to exceed $14 million. <br />The addresses of the impacted parcels are 2803 and 2920 Tucker Drive. These parcels <br />comprise two of 11 parcels on the Steel Warehouse Tucker Drive campus. The <br />company's headquarters are located at 2722 Tucker Drive, and the headquarters' <br />address is commonly used when speaking about the entire campus. <br />Employment Impact <br />Steel Warehouse Company, LLC will retain 21 workers currently working at this location. <br />By the end of 2027, the petitioner anticipates the project will result in an additional 11 <br />full-time positions with an estimated total annual payroll of$566,134.
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