Confirming Tax Abatement - 4701 Nimtz Parkway - Schafer Gear Works, Inc

Home Browse Search

1200 COUNTY-CITY BUILDING 227 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 PHONE 574/235-9371 FAx 574/235-9021 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY HL ECONOMIC DEVELOPMENT JEFFREY V. GIBNEY EXECUTNE DIRECTOR TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: SHARON TERRELL~ SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: SCHAFER GEAR WORKS, INC. DATE: January 15, 2007 On January 9, 2007, a petition for personal property tax abatement consideration for property located at 4701 Nimtz Parkway was filed with the City Clerk by Schafer Gear Works. 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 and Economic Development 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 and Economic Development has reviewed the petition, investigated the area, and makes the following report. PROJECT SUMMARY Schafer Gear Works plans to purchase and install machinery and equipment for new gear grinding capability to replace business lost, to retain employees, and to add capabilities necessary to secure new business. The equipment consists of a gear grinding machine plus automation and a hob sharpener. The project will invest $843,000. Total taxes to be abated during the (5) five-year abatement period is estimated at $51,360. Total taxes to be paid during the (5) five-year abatement period is estimated at $26,726. COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 574/235-9371 ELtzAEeTH LEONARD FAX: 574/235-9697 574/235-9371