Confirming Tax Abatement - Kruk Electric, LLC 3702 W. Sample (5 Year Personal Property)

Home Browse Search

TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BROCK ZEEB SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: Kruk Electric, LLC DATE: May 6, 2015 On Monday, May 4, 2015, a petition from Kruk Electric, LLC was received and subsequently filed with the City Clerk for personal property tax abatement consideration for property to be located at 3702 W. Sample, South Bend, IN 46619. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUNIMARY ➢ Purchase of two new wire former machines to expand production capabilities ➢ New project taxes— $15,012 ➢ Estimated taxes being abated during five year abatement period— $6881 ➢ Total taxes to be paid on new and existing equipment over the next five years — $8131 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create zero (0) permanent, full-time and zero (0) permanent, part-time jobs within the first year, representing a new annual payroll of $0 ➢ Maintain (4) four existing permanent full -time and (0) zero existing part-time jobs with an annual payroll of $83,200. ➢ The project will create 0 jobs over ten years with a payroll of $0 per job. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES JITIN KARd PAMELA C. MEYER CHRIS FIELDING BROCK ZEEB -