01-12-09 Common Council Meeting Agenda & Packet

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CITY OF SOUTH BEND PETITION FOR REAL PROPERTY TAX ABATEMENT CONSIDERATION The undersigned owner(s) of real property, located within the City of South Bend, hereby petition the Common Council of the City of South Bend for real property tax abatement consideration and pursuant to I.C., 6-1.1-12.1-1, et seq., and South Bend Municipal Code Sec. 2-76 et seQ•• for this petition states the following: 1. Describe the proposed redevelopment or rehabilitation project, including information about physical improvements to be made, the proposed use of the improvements, and a general statement as to the importance of the project to your business: Fortis plastics is an extruder of plastic components used in a variety of industrial and consumer applications. The company is weighing the consolidation its existing Elkhart operations to South Bend, IN or Henderson, KY. The Souih Bend facility would require building rehabilitation and improvements in the estimated amount of $1212000. The company would lease the property (Triple net lease) for $291,000 annually. The project could result in the company locating its corporate headquarters in South Bend. Land Size s acres; Building Size 92,249 sq.ft. 2. Describe the overall nature of the business and of the operations occurring at the Property (attach additional sheet if more space is needed): Plastic Injection extruding and molding operations for the automotive, RV, and appliance industries. 3. Estimate the dollar value of the project (excluding land): $ 4,000,000 { (,~ ~ >;1 a its ~' ~n'~,! 4. The current assessed valuation of the real property before rehabilitation, redevelopment, economic revitalization, or improvement: $ 1,aoo,ooo 5. (a) The real property for which tax abatement consideration is petitioned (Property) is owned (Re~~ 8; t 1'43)