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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 8L ECONOMIC DEVELOPMENT <br />JEFFREY V GIBNEY <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPOR T <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BOB MATHIA <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 />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL ~' PROGRAM <br />PAMELA C. MEYER DONALD E. INKS 1VIANAGEMENT <br />574/235-9660 574/235-9371 ELIZ.AEETH LEONARD <br />Fax: 5741235-9697 574/235-9371 <br />