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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~L ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BOB MATHIA <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />TREADSTONE, LLC <br />DATE: March 2, 2009 <br />On February 27, 2009, a petition for personal property tax abatement consideration for property located at <br />445 North Sheridan Street was filed with the City Clerk by Treadstone, LLC. Pursuant to Chapter 2, <br />Article 6, Section 2-84.2 of the Municipal Code of the City of South Bend, this petition was referred to the <br />Department of Community and Economic Development for purposes of investigation and preparation of a <br />report determining whether the area qualifies as an Economic Revitalization Area pursuant to <br />I.C.6-1.1-12.1 and whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition ,investigated the <br />area, and makes the following report. <br />PROJECT SUMMARY <br />Treadstone, LLC recycles solid rubber tires into rubber mulch of various sizes and weights depending on <br />use. Ninety percent of their production is a large premium size that is used primarily for children's <br />playgrounds and for landscaping. <br />The equipment to be purchased is a tine shredding machine. The new machine will double the company's <br />production capacity to recycle solid rubber tires into mulch. The company is relatively new. For the past <br />two years it has been using three prototype machines to manufacture its product. These machines are not <br />built to withstand the rigors of the company's current production schedule. The new machine is stronger <br />and will ease the burden on the three prototypes. In fact, the new machine is being built following a design <br />that Treadstone developed and provided to the machine manufacturer. The design is based on <br />Treadstone's experience with their prototypes. The estimated cost of the new machine is $200,000. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HL PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LEONARD <br />FAX: 574/235-9697 574/235-9371 <br />