Confirming Tax Abatement - Masterbilt, Inc. 325 S. Walnut (5 Year Personal Property)

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BROCK ZEEB SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: Masterbilt, Inc DATE: May 18, 2015 On Tuesday, May 12, 2015, a petition from Masterbilt, Inc. was received and subsequently filed with the City Clerk for personal property tax abatement consideration for property to be located at 325 S. Walnut, South Bend, IN 46601. 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 SUMMARY ➢ Purchase new equipment to improve capabilities and efficiencies, making them more competitive. The new equipment will allow Masterbilt, Inc. to produce more complex parts which their customers have found difficult to source ➢ New project taxes over the five year abatement period — $51,472 ➢ Estimated taxes being abated over the five year abatement period — $23,593 ➢ Total taxes to be paid on new and existing equipment over five year abatement period — $27,879 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create (4) four permanent, full -time and zero (0) permanent, part-time jobs within the first year, representing a new annual payroll of $133,120 ➢ Maintain (6) six existing permanent full -time and (3) three existing part -time jobs with an annual payroll of $234,780. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOmic RESOURCES J11 IN (CAIN PAMELA C. MFYFR CHRIS FIELDING BROCK ZEEB