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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 />Masterbilt, Inc <br />DATE: May 18, 2015 <br />On Tuesday, May 12, 2015, a petition from Masterbilt, Inc. was received and subsequently <br />filed with the City Clerk for personal property tax abatement consideration for property to <br />be located at 325 S. Walnut, South Bend, IN 46601. Pursuant to Chapter 2, Article 6, <br />Section 2 -84.2 of the Municipal Code of the City of South Bend, this petition was referred <br />to the Department of Community Investment for purposes of investigation and preparation <br />of a report determining whether the area qualifies as an Economic Revitalization Area <br />pursuant to I.C.6 -1.1 -12.1 and whether all zoning 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 />➢ Purchase new equipment to improve capabilities and efficiencies, making them <br />more competitive. The new equipment will allow Masterbilt, Inc. to produce more <br />complex parts which their customers have found difficult to source <br />➢ New project taxes over the five year abatement period — $51,472 <br />➢ Estimated taxes being abated over the five year abatement period — $23,593 <br />➢ Total taxes to be paid on new and existing equipment over five year abatement <br />period — $27,879 <br />EMPLOYMENTIMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create (4) four permanent, Hull -time and zero (0) permanent, part-time jobs within <br />the first year, representing a new annual payroll of $133,120 <br />➢ Maintain (6) six existing permanent full -time and (3) three existing part-time jobs <br />with an annual payroll of $234,780. <br />PLANNING NuGHBORII00D ENCAGENIENT BUSINFSS DEVELOPMENT ECONOMIC RESOURCES <br />A nN KAIN P. \A7E1_A C. MEYER DiRIs FIELDING BROCK ZEEB <br />
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