Confirming Tax Abatement - 2820 Viridian Drive - Mack Tool & Engineering, Inc.

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1200 COUNTY-CITY BUILDING 227 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 PxoNE574/235-9371 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: Kathy Hahn SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: Mack Tool & Engineering, Inc. 2820 Viridian Dr. South Bend, IN 46628 DATE: April 12, 2006 On April 4, 2006, a petition for personal property tax abatement consideration for property located at 2820 Viridian Dr. was filed with the City Clerk by Mack Tool & Engineering, Inc. of South Bend. Pursuant to Chapter 2, Article 6, Section 2-77 of the Municipal Code of the 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 of which is attached), investigated the area and makes the following report. PROJECT SUMMARY The petitioner is a prototype and experimental precision machining parts business in the aerospace and medical industries. The new machines are a Mazak Variaxis, two Mazak Intregrex 200's, an ADF washer, three Haas Mini Mills, and two palleting systems. With the addition of this equipment their productive capacity will increase approximately 25 percent. The expansion of capacity will generate additional revenue and create five new jobs. It is estimated that the cost of the new equipment will be $2,000,000. COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HC PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 574/235-9371 ELIZABETH LEONARD FAX: 574/235-9697 574/235-9371