Confirming Tax Abatement - 3702 Progress Drive - Parrish/Meyer Machine, Inc.

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1200 COIJN'IY-CITY BUILDING 227 W. ,JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 PHONE 574/235-9371 Fax 574/235-9021 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~L ECONOMIC DEVELOPMENT SHARON T. KENDALL EXECUTIVE DIRECTOR TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: SHARON TERRELL~ SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: Parrish/Meyer Machine, Inc. DATE: October 17, 2006 On October 12, 2006, a petition for personal property tax abatement consideration for property located at 3702 Progress Drive was filed with the City Clerk by Parrish/Meyer Machine, Inc. Pursuant to Chapter 2, Article 6, Section 2-84.2 ofthe Municipal Code ofthe City of South Bend, this petition was referred to the Department of Community and Economic Development 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 and Economic Development has reviewed the petition (a copy ofwhich is attached), investigated the area, and makes the following report. PROJECT SUMMARY Parrish/Meyer Machine, Inc., manufactures jigs, dies, fixtures, and special high-precision parts. The addition of a new Mori Seiki NH-5000/40 DCG machine will be used for production machining. This machine will allow the company to machine additional parts for their clients thereby growing the business and employment opportunities. The proj ect will invest $400,000. Total taxes to be abated during the (5) five-year abatement period is estimated at $24,370. Total taxes to be paid during the (5) five-year abatement period is estimated at $12,681. COMMUNITY DEVELOPMENT' ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 574/235-9371 EuznsErtt LEONARD FAX: 574/235-9697 574/235-9371