HomeMy WebLinkAbout6.B1 Resolution No. 2643~-
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RESOLUTION NO. 2643
A RESOLUTION APPROVING AN APPLICATION FOR
PERSONAL PROPERTY TAX DEDUCTION
WHEREAS, LC. 6-1.1-12.1-2(1) provides that an application for property tax deduction may
not be approved when the property is located in an allocation area as defined in I.C. 36-7-14-39,
unless the Redevelopment Commission which designated that allocation area adopts a resolution
approving that application; and
WHEREAS, the South Bend Common Council has received a petition for (5) five years of
personal property tax abatement consideration from Endeavor Machined Products, Incorporated for
personal property located at 850 South Marietta Street, Suite 300 in the South Bend Central
Development Area, the legal description of which is attached hereto, marked Exhibit "A" and
incorporated herein; and
WHEREAS, this Commission declared the South Bend Central Development Area by
Resolution No. 737, adopted May 10,1985, and in the same resolution declared the South Bend
Central Development Area, Allocation Area No. 1 A; and
WHEREAS, the property located at 850 South Marietta Street, Suite 300 is located within the
South Bend Central Development Area, Allocation Area No. 1 A;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission
as follows:
1) The Commission finds that the application from Endeavor Machined Products,
Incorporated for (5) five years of personal property tax abatement consideration for property located
at 850 South Marietta Street, Suite 300 in the South Bend Central Development Area, Allocation
Area No. 1 A, should be and is hereby approved.
2) That a copy of this resolution be forwarded to the South Bend Common Council to
indicate the Commission's approval of the petition for personal property tax abatement for Endeavor
Machined Products, Incorporated.
Approved this 15th day of January, 2010, at the regular meeting of the South Bend
Redevelopment Commission.
SOUTH BEND REDEVELOPMENT COMMISSION
ATTEST:
EXHIBIT A
LEGAL DESCRIPTION
Description: Lot lettered "Q" as shown on the recorded plat of Monroe Sample Replat,
recorded January 31, 1990, as document number 9002533 in the Office of the
Recorder of St. Joseph County, Indiana
Tax Key No.: 71-08-12-454-003.000-026
Address: 850 South Marietta Street, Suite 300, South Bend, IN 46601
1200 COUNTY-CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46601-1830
PHONE 574/235-9371
FAx 574/235-9021
TDD 574/ 235-5567
CITY OF SOUTH BEND STF,PHEN J. LUECKE, Mr1YOR
COMMUNITY ~ ECONOMIC DEVELOPMENT
JEFFREY V. GIBNEY
EXECUTIVE DIRECTOR
TAX ABATEMENT REPOR T
TO: SOUTH BEND REDEVELOPMENT COMMISSION
FROM: BOB MATHIA ~~ `"~
SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR:
ENDEAVOR MACHINE PRODUCTS, INC.
DATE: January 11, 2010
On January 11, 2010, a petition for personal property tax abatement consideration for property located at
850 S. Marietta Street, Suite 300 was filed with the City Clerk by Endeavor Machined Products,
Incorporated. Pursuant to Chapter 2, Article 6, Section 2-84.2 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- l . l -12.1 and whether all zoning requirements have been
met.
The Department of Community and Economic Development has reviewed the petition, investigated the
area, and makes the following report.
PROJECT SUMMARY
Endeavor Machined Products, Inc. is a new start-up company that plans to begin production in the near
future. They will manufacture precision machined parts for the wind power, petroleum exploration,
aerospace and orthopedic industries. The equipment the company intends to procure will be used to
manufacture prototype parts to demonstrate their design and production integrity in order to eventually
release them for production at the company. The company will fabricate the parts based on their clients'
designs.
The equipment to be purchased includes a CNC five axis machining center, a CNC lathe, coordinate
measuring machine, general shop equipment, software, computers, office furniture, inspection equipment,
a fork lift and an air compressor. The total cost of the equipment is estimated to be $437,500.
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL St PROGRAM
PAMELA C. MEYER DONALD E. INKS MANAGEMENT
574/235-9660 574/235-9371 ELIZABETH LEONARD
FAX: 574/235-9697 574/235-9371
South Bend Redevelopment Commission
RE: Tax Abatement for Endeavor Machined Products, Inc.
January 11, 2010
Page 2
Total taxes to be abated during the (5) five-year abatement period are estimated at $17,618. Total
additional taxes to be paid as a result of the project during the five-year abatement period are estimated at
$12,493.
EMPLOYMENT IMPACT
Per the petition, it is estimated that the project will create five (5) new, permanent full-time positions with
an annual payroll $205,021. Because the petitioner is a new start-up no existing jobs will be maintained.
ABATEMENT QUALIFICATION
1. A review of the tax abatements previously granted finds that the Petitioner, Endeavor Machined
Products, Incorporated, has not been granted or associated with any previous tax abatements.
2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned
for the proposed project.
A review of the South Bend Redevelopment designation areas finds that the property is located in
the South Bend Central Development Area, which is a Tax Incremental Allocation Area; therefore,
the petition for personal property tax deduction must first be approved by the South Bend
Redevelopment Commission.
4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the
qualifications fora (5) five-year personal property tax abatement under section 2-84.2, Tangible
Personal Property Tax Abatement.
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