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01-13-14 Council Agenda & Packet
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01-13-14 Council Agenda & Packet
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
1/13/2014
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OSOMASCHINI <br />NORTH <br />4601 Nimtz Parkway <br />South Bend, IN 46628 <br />Phone 574. 968.0273 <br />December 16, 2013 <br />Janice Talboom <br />Office of the Clerk <br />227 W. Jefferson Boulevard, Suite 400 S <br />South Bend, IN 46601 -1830 <br />' s "Hed RB <br />CEC 2 3 2913 <br />CITY CLJERK,�$ UTH BEND. IN ` <br />Re: Somaschini North America, LLC, Personal Property Tax Abatement <br />Dear Ms. Talboom: <br />South Bend Gear, LLC ( "SBG ") received a five -year personal property tax abatement from the <br />South Bend Common Council (see enclosed copy of Memorandum of Agreement dated February <br />21, 2011 and enclosed copy of Statement of Benefits form SB -1 /PP dated January 28, 2011 and <br />related attachments). <br />The abatement was based on the estimate that SBG would expend $15,600,000 over a two -year <br />period ended February 14, 2013 on manufacturing equipment and related expense items. In <br />addition, it was estimated that SBG would create at least twelve new, permanent, full - timejobs <br />with an annual payroll estimated at $550,000 by February 15, 2012, and would create at least <br />fourteen new, permanent, full -time jobs with an annual payroll estimated at $641,000 by <br />February. 13, 2013. In February 2013, the time frame to meet the abatement projections was <br />extended to February 13, 2014. <br />In the most recent form CF -I /PP filed on May 10, 2013 (see enclosed copy of CF- I /PP), <br />Somaschini North America, LLC (formerly known as SBG) reported actual equipment costs of <br />$9,642,214 (compared to the total estimated commitment of $15,600,000) and actual annual <br />payroll of $477,683 (compared to the total estimated commitment of $641,000). With the <br />exception of $367,886 of equipment costs that were acquired in January and February of 2013, <br />those actual amounts on the CF -1//PP represented the equipment costs and payroll as of <br />December 31, 2012. Somaschini North America, LLC ( "Soma ") has continued to invest in <br />equipment and payroll in 2013. As of November 30, 2013, Soma has made additional <br />investments in equipment of $2,820,000 for a total investment of approximately $12,462,000 and <br />incurred payroll in excess of $650,000. <br />
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