Confirming Tax Abatement - 445 North Sheridan Street - Treadstone

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CITY OF SOUTH BEND PETITION FOR TANGIBLE PERSONAL PROPERTY TAX ABATEMENT CONSIDERATION The undersigned owner(s) of new manufacturing equipment, personal property, located within the City of South Bend, hereby petitions the Common Council of the City of South Bend for personal property (new manufacturing equipment) tax abatement consideration and pursuant to I.C., 6-1.1-12.1, et seg•, and South Bend Municipal Code Section 2-84.2, et seg•, for this petition states the following: 1. Describe the proposed project, including information about the new manufacturing equipment personal property (Aequipment@) to be installed, the amount of land to be used, if any, the proposed use of the equipment, and a general statement as to the value of the project to your business. New manufacturing equipment: Tire Shredding Machine - to be placed at existing location and to supplement existing equipment. This unit will_double our capacity to recycle solid rubber tires into rubber mulch. 99% of a used tire is recycled and put to use in various forms: rubber mulch for landscaping, curbing, tire derived fuel, pavement additive, etc. For every 40,000 pounds of tires that are recycled we save 1750 cubic feet of landfill space. 2. The project will create 3 new, permanent jobs within the first year, representing a new annual payroll of $ 60,000 and will maintain _ 4 existing permanent full-time and 1 existing part- time jobs representing an annual payroll of $ 160,000 The projected annual salaries for each new position created are estimated to be as follows: Production worker: $8.00 hour start, $8.50 after 30 day probation, with monetary reviews thereafter at 6 months and then annually. Overtime is at 1.5 Maintenance: $12.00+ per hour start, DOE 3. Estimate the total cost of the Equipment: $200,000 4. (a) The Equipment is owned or to be owned by the following individuals or corporations (if the business organization is publicly= held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): (Revised 8/2/02) 1