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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 />Manufacturing Technology, Inc. <br />DATE: July 20, 2015 <br />On Wednesday, July 15, 2015, a petition from Manufacturing Technology, Inc. was <br />received and subsequently filed with the City Clerk for personal property tax abatement <br />consideration for property to be located at 402 N. Sheridan St., South Bend, IN 46619. <br />Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South <br />Bend, this petition was referred to the Department of Community Investment for purposes <br />of 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 />➢ Manufacturing Technology, Inc. will be purchasing and installing approximately <br />$1,750,000 of new equipment to vertically integrate with their customer's <br />production needs and requirements. The new equipment will also all for MTI to <br />provide scale and production flow to support high volume production while adding <br />additional production and system processes. <br />➢ New project taxes over the five year abatement period — $150,008 <br />➢ Estimated taxes being abated over the five year abatement period — $68,759 <br />➢ Total taxes to be paid on new and existing equipment over five year abatement <br />period — $81,249 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create (14) fourteen permanent, full -time and zero (0) permanent, part-time jobs <br />in the five year abatement period, representing a new annual payroll of $393,120 <br />➢ Retain (25) permanent full -time jobs with an annual payroll of $382,000. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />hTiN KAIN PAMELA C. MEYER CHRIS FIELDING BROCK ZEEB <br />