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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />I :• ►L :•LI _ •CC <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Federal -Mogul Powertrain, LLC <br />DATE: April 19, 2016 <br />On Tuesday, April 19, 2016, a petition from Federal -Mogul Powertrain, LLC was received <br />and subsequently filed with the City Clerk for personal property tax abatement <br />consideration for property to be located at 3605 W. Cleveland Rd, South Bend, IN 46628. <br />Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South <br />Bend, this petition was referred to the Department of Community Investment for purposes <br />of investigation and preparation of a report determining whether the area qualifies as an <br />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 />➢ Approximate $11,315,200 purchase of new equipment to facilitate new business <br />growth and retain the existing workforce. <br />➢ Total taxes on new equipment over the five year abatement period — $970,694 <br />➢ Estimated taxes abated on new equipment over the five year abatement period — <br />$447,285 <br />➢ Total taxes to be paid on new equipment over the five year abatement period — <br />$523,409 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ This new equipment purchase will not add any new jobs but will retain 544 <br />permanent, full -time jobs representing a new annual payroll of approximately <br />$23,603,507 <br />Filed in Clerk's offCe <br />APR 20 2016 <br />KAREEMAH FOWLER <br />CI CLERK, SOUTH BEND, IN <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />