Bill 16-22 Tab Abatement for South Bend Form Tool Co.

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: AARON KOBB SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: South Bend Form Tool Co., Inc. DATE: March 8, 2016 On Wednesday, March 9, 2016, a petition from South Bend Form Tool Co., Inc. was received and subsequently filed with the City Clerk for personal property tax abatement consideration for property to be located at 1619 and 1623 Franklin Street, South Bend, IN 46613. 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 Investment 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 Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY ➢ Approximate $220,000 expansion of existing floor space along with the purchase of approximately $623,000 of new equipment to better serve existing customers and pursue additional business. ➢ Total taxes on new equipment over the five year abatement period — $53,452 ➢ Estimated taxes abated on new equipment over the five year abatement period — $24,501 ➢ Total taxes to be paid on new equipment over the five year abatement period — $28,951 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create 8 permanent, full -time jobs within the five year abatement period, representing a new annual payroll of $378,560 ➢ 17 total jobs will be retained with a total annual payroll of $785,000 PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB