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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: AARON KOBB <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Spectron mrc, LLC <br />DATE: March 8, 2016 <br />On Monday, March 7, 2016, a petition from Spectron mrc, LLC was received and <br />subsequently filed with the City Clerk for personal property tax abatement consideration <br />for property to be located at 1265 Franklin, Catalyst Two Building, Ignition Park, South <br />Bend, IN 46601. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code <br />of the City of South Bend, this petition was referred to the Department of Community <br />Investment for purposes of investigation and preparation of a report determining whether <br />the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and <br />whether all zoning 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 />➢ Purchase of approximately $2,780,000 of new pharmaceutical equipment. <br />➢ Estimated total taxes on new equipment over the five abatement period — <br />$238,487 <br />➢ Estimated taxes abated on new equipment over the five abatement period — <br />$109,315 <br />➢ Estimated taxes to be paid on new equipment over five year abatement period — <br />$129,172 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 39 permanent, full -time jobs within the five year abatement period, <br />representing a new estimated annual payroll of $2,022,592 <br />➢ 8 total jobs will be retained with a total annual payroll of $582,400 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />