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03-14-16 Council Packet & Agenda
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03-14-16 Council Packet & Agenda
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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />M a : Z � ] u <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />South Bend Form Tool Co., Inc. <br />DATE: March 8, 2016 <br />On Wednesday, March 9, 2016, a petition from South Bend Form Tool Co., Inc. was <br />received and subsequently filed with the City Clerk for real property tax abatement <br />consideration for property to be located at 1619 and 1623 Franklin Street, South Bend, IN <br />46613. 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 />PROJECT SUMMARY <br />➢ Approximately $220,000 expansion of existing floor space along with the purchase <br />of approximately $623,000 of new equipment to better serve existing customers <br />and pursue additional business. <br />➢ Total taxes on new and existing building and improvements during five year <br />abatement period — $37,796 <br />➢ Estimated taxes being abated on new building improvements during five year <br />abatement period — $12,416 <br />➢ Total taxes to be paid on new and existing building and improvements during five <br />year abatement period — $25,380 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 8 permanent, full -time jobs within the five year abatement period, <br />representing a new annual payroll of $378,560 <br />➢ 17 total jobs will be retained with a total annual payroll of $785,000 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />
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