2024 - Annual Tax Abatement Report

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Department of Community Investment,City of South Bend Confirming Expected Estimated Actual Announced Actual Start Pay Years Estimated Actual Project Announced Actual New Compliance' Corporation Project Information Resolution End Pay Completion Completion Retained Retained Number Year Granted Year Project Cost Cost Date Date Jobs Jobs New Jobs Jobs (0-6) Steel Warehouse Company LLC Steel Warehouse Equipment(2722 Tucker 5077-24 Not Started 5 $ 9.050.000 6/1/2025 21 11 0 Dr.)-PPTA 2024 - Toyo Seiko North America Inc. Toyo Seiko North America Inc.-PPTA 2022 4964-22 2024 5 2029 $ 1,050,000 $ 280,640 4/30/2021 12/9/2024 4 5 1 1 2 Tn-Pac Inc Tri-Pac,lnc.(3333 N.Kenmore St.)-PPTA 4677-17 2020 5 2024 $ 1,500,000 5 384.806 12/31/2019 12/31/2019 7 157 20 7 2 2017 Tri-Pac,Inc. Tri-Pac,lnc.(4303 Technology Dr.)-PPTA 4873-20 2022 5 2026 $ 2,000,000 $ 4,488,160 12/31/2021 12/31/2021 144 20 20 1 2020 - Verbio South Bend Verbio South Bend Ethanol Expansion- 5025-23 Not Started 5 $ 232,500.000 12/31/2023 61 8 0 PPTA 2023 WSJM-INC WSJM,Inc.(316 E.Monroe St.)-PPTA 2020 4851-20 2023 5 2027 $ 650,000 7/31/2021 23 3 5 'Legend/Key for Compliance Scores (0)New Abatement:Not required to file Form CF-1 (1)Company is in compliance Company is in compliance with at goals,including project cost,jobs created and related salaries,and jobs retained and related salaries. (2)Company substantially in compliance Company fell under one or more of the following:(a)company did not meet one or more goals for its abatement,however,the project is relatively new and other factors have slowed progress:(b)company met their goals in earlier reporting penods and is currently below those goals due to other factors:and/or(c)companys explanation provided in a previous reporting period still applies for the current period or the company failed to meet their estimated project cost.Since abatement is only applied to improvements actually built,the fact that improvements were less than anticipated means the companys abatement benefits were automatically reduced when the abatement deduction was actually calculated.This results in a lower cost to the City for each job created or retained. (3)Company substantially out of compliance Company has tailed significantly to meet one goal related to created jobs and salaries.retained jobs and salaries.and/or the actual cost of their investment. (4)Company out of compliance Company has failed to meet all goals related to project cost.jobs created and related salaries.and jobs retained and related salaries:or company has been delinquent or in default with respect to any tax payment in St.Joseph County, Indiana,for multiple payment periods. (5)Company failed to file Form CF-1 Company has failed to submit this year's Form CF-1.Staff contacted business multiple attempts after the initial letter,to obtain information.Recommend Common Council consider this business non-compliant. (6)Business Closed/Out of Business:No action required June 13,2025