07-28-08 Council Meeting Agenda & Packet

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CITY OF SOUTH BEND PETITION FOR REAL PROPERTY TAX ABATEMENT CONSIDERATION The undersigned owner(s) of real property, Iocated within the City of South Bend, hereby petition the Common Council of the City of South Bend for real property tax abatement consideration and pursuant to I.C., 6-1.1-12.1-1, et seq., and South Bend Municipal Code Sec. 2-76 et seQ., for this petition states the following: Describe the proposed redevelopment or rehabilitation project, including information about physical improvements to be made, the proposed use of the improvements, and a general statement as to the importance of the project to your business: Foxtrot Realty Corporation owns 21 acres at 4201 Linden Ave ofwhich approximately 6 acres is currently developed as a manufacturing facility and leased to GTA Containers, Inc. Foxtrot proposes to build a 90, 000 square foot building on an undeveloped portion of the 20 acre site and lease it to GTA Containers, Inc. (an affiliated company). GTA Containers, Inc. will continue using the existing building and expand manufacturing operations into the proposed building. The proposed building will enable GTA to more than double its current manufacturing capacity, allowing the company to bid on large, multi year contracts with the US Dept of Defense and also have capacity for non-military related contracts Land Size existing acres; Building Size 90.000 sq.ft. 2. Describe the overall nature of the business and of the operations occurring at the Property (attach additional sheet if more space is needed): GTA Containers, Inc. manufactures collapsible pillow tanks for fuel or water storage. The containers range in size from 3, 000 gallons to 210, 000 gallons. GTA 's primary customer is the United States Department of Defense. GTA has also built emergency safety tents for the underground mining industry. The purpose of the proposed building would be to expand its manufacturing capacity. 3. Estimate the dollar value of the project (excluding land): $2,200,000-$2,800,000 4. The current assessed valuation of the real property before rehabilitation, redevelopment, economic revitalization, or improvement: $ Key #018-2193-7257: Land 70,200; Improvements; 1,782,100 (Rev 10/23/06)