Confirming Tax Abatement - 1400 Riverside Drive - Steel Warehouse Company LLC

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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 sea•, and South Bend Municipal Code Section 2-84.2, et se ., for this petition states the following: Describe the proposed project, including information about the new manufacturing equipment personal property ("equipment") to be installed, the amount of land to be used, if any, an estimate of the cost of the project, the proposed use of the equipment, and a general statement as to the value of the project to your business. The project irrvolves acquisition of manufacturing, servicing and processing equipment having a total cost expected to be from $I.S million to $3.5 million. The project will enable Petitioner to add capacity to plasma and laser cutting manufacturing equipment. 2. It is anticipated that the project will create from four (4) to twelve (12) new permanent full time jobs, representing a new annual payroll of $130, 400 and will help Petitioner to maintain its 446 existing permanent full time jobs representing an annual payroll of $20, 605, 400; and will help Petitioner to maintain an additional35 existingfull time jobs at the 1400 Riverside Drive location representing an annual payroll of $2,102,100. The projected annual salaries for each position are as follows: An average of $15.67 per hour 3. Estimate the total cost of the Equipment: A minimum of $1.5 million and a maximum of $3. S million. 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): Inapplicable NAME ADDRESS INTEREST Steel Warehouse Comparry LLC 2722 W. Tucker Drive Owner and Affiliates South Bend, IN 46619 and Equipment Lessors (b) The following other persons lease, intend to lease, or have an option to buy this Equipment (include corporate information as required in (4)(a) above, if applicable): Inapplicable NAME ADDRESS INTEREST 5. Give a brief description of the overall nature of the business and of the operations occurring at the location for which tax abatement is requested: Petitioner is a steel service censer specializing in jlat rolled, low carbon steel, with operations involving slitting, leveling, pickling, temper rolling shearing and cold reducing. Petitioner also supplies profiling parts through its plasma and laser cutting operations. In connection with its operations, Petitioner takes substantial positions in steel and steel products for the future sale and marketing of the same to its customers. 6. The commonly known address of the Property where the Equipment will be located are: 1400 Riverside Drive, South Bend, Indiana 7. The Key Numbers of said property are: 18-2110-4065 and 18-2110-4067. Attach the legal description of the Properties where the Equipment is to be located, marked