Confirming Tax Abatement - 511 East Colfax & 210 North Niles - Odyssian Technology 5 Year

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CITY OF SOUTH BEND PETITION FOR TANGIBLE PERSONAL PROPERTY TAX ABATEMENT CONSIDERATION The undersigned owner(s) of new manufacturing equipment, personal property, located within the City of South Bend, hereby petitions the Common Council of the City of South Bend for personal property (new manufacturing equipment) tax abatement consideration and pursuant to I.C., 6-1.1-12.1, et seq.' and South Bend Municipal Code Section 2-84.2, et seq., for this petition states the following: 1. Describe the proposed project, including information about the new manufacturing equipment personal property ("equipment") to be installed, the amount of land to be used, if any, the proposed use of the equipment, and a general statement as to the value of the project to your business. We are a research and development firm. We are currently working 2 government contracts Our equipment list is constantly growing. I have attached a list of our current equipment and a list of our near future purchases. (Attachment A). This equipment will be installed in our newl ac aired buildin at 511 E Colfax and 210 Niles Ave. u on com letion of the build out. 2. The project will create 3 new, permanent jobs within the first year, representing a new annual payroll of $155,440.00 and will maintain 3 existing permanent full-time and 0 existing part-time jobs representing an annual payroll of $ 224,593.60 (total $380,033.60) . The projected annual salaries for each new position created are estimated to be as follows: Electrical Engineer (*1) $55,000-$70,000 per year Mechanical Engineer (*1) $55,000-$70,000 per year Business Operations Assistant $38,000- $40,000 2. Estimate the total cost of the Equipment See attachment A for current value as well as estimated future value. 4. (a) The Equipment is owned or to be owned by the following individuals or corporations (if the business organization is publicly held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): (Revised 8/2/02) 1