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1200 COUNTY-CITY BUILDING <br />227 W. JeP>:ERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-15'30 <br />PHONE 574/235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CI"I'Y OF SOU"FH BEND STEPHEN J. LUEChE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVF, DiKECTOR <br />TAX ABATEMENT REPOR T <br />TO: SOUTH BEND REDEVELOPMENT COMMISSION <br />FROM: BOB MATHIA }~,'"i'~ <br />SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: <br />SCHAFER GEAR WORKS, INCORPORATED <br />DATE: August 6, 2009 <br />On August 5, 2009, a petition for personal property tax abatement consideration for property located at <br />4701 Nimtz Parkway was filed with the City Clerk by Schafer Gear Works, Incorporated. Pursuant to <br />Chapter 2, Article 6, Section 2-84.2 of the Municipal Code of the City of South Bend, this petition was <br />referred to the Department of Community and Economic Development for purposes of investigation and <br />preparation of a report determining whether the area qualifies as an Economic Revitalization Area <br />pursuant to 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 />Schafer Gear Works manufactures gears and machined components to customer specifications. The <br />company has received new business from three customers that require the purchase of new equipment. <br />The equipment consists of three CNC lathes, one CNC hobbing machine, one CNC gear grinding <br />machine, one CNC machining center, two deburring machines and one internal gear grinding attachment. <br />The total estimated cost of the equipment is $2,800,000. <br />Total taxes to be abated during the (5) five-year abatement period are estimated at $44,531. Total <br />additional taxes to be paid as a result of the project during the five-year abatement period are estimated at <br />$216,721. <br />COMMUNI"PY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL BC PROGIL~M <br />PnMet.q C. M[vr.a Dotini.D E. INkti IVIANAG EMENT <br />574/235-9660 574/235-9371 ELIZABETH LGONARD <br />Fnx: 574/235-)697 574/235-9371 <br />