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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />[�Z�77�:1K�Z�I:f�i111�1: <br />SUBJECT: VACANT BUILDING 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 vacant building property tax <br />abatement consideration for property to be located at 402 N. Sheridan St., South Bend, IN <br />46619. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City <br />of South Bend, this petition was referred to the Department of Community Investment for <br />purposes of investigation and preparation of a report determining whether the area qualifies <br />as an 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 />' : 4711MOL&II1luallS/_\m <br />➢ Expansion of manufacturing services, providing friction welding services and other <br />ancillary pre and post - processing. Vertically integrate with customer's production <br />needs and requirements. New facility will allow MTI to provide the scale and <br />production flow to support high volume production, adding systems and production <br />processes. <br />➢ $929,000 investment in improvements to existing building construction along with <br />approximately $1.75M in new machinery & equipment, special tooling/retooling <br />and new computer/IT hardware <br />➢ Total project taxes during two year abatement period — $145,128 <br />➢ Estimated taxes being abated during two year abatement period — $90,031 <br />➢ Total taxes to be paid during two year abatement period — $55,097 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 7 permanent, full -time and zero (0) permanent, part-time jobs in the two <br />year abatement period, representing a new annual payroll of $196,560 <br />➢ Retain 25 permanent, full -time jobs with an annual payroll of $382,000 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />JITIN KAIN PAMELA C. MEYER CHRIS FIELDING BROCK ZEEB <br />