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05-26-15 Agenda, Packet & Committee Meeting Notice
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05-26-15 Agenda, Packet & Committee Meeting Notice
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
5/26/2015
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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BROCK ZEEB <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Schafer Industries, Inc. <br />DATE: May 18, 2015 <br />On Thursday, May 7, 2015, a petition from Schafer Industries, Inc. was received and <br />subsequently filed with the City Clerk for personal property tax abatement consideration <br />for property to be located at 4701 Nimtz Parkway, South Bend, IN 46628. Pursuant to <br />Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, this <br />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 <br />Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />➢ One CNC Gear Hobbing machine, one CNC Gear Deburring machine, two CNC <br />Gear Grinding machines being purchased to meet market needs and to help attract <br />new customers <br />➢ New project taxes over the five year abatement period — $210,178 <br />➢ Estimated taxes being abated over the five year abatement period — $96,848 <br />➢ Total taxes to be paid on new and existing equipment over the five year abatement <br />period — $113,330 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create (4) four permanent, full -time and zero (0) permanent, part-time jobs within <br />the first year, representing a new annual payroll of $35,360 per job <br />➢ Maintain (38) thirty eight existing permanent full -time and (0) zero existing part- <br />time jobs with a payroll of $3,700,000. <br />➢ The project will create 4 jobs over ten years with a payroll of $353,600 per job. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />i1TIN KAIN PAMELA C. MEYER CHRIS FIELDING BROCK ZEEB <br />
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