HomeMy WebLinkAbout6A(1) Resolution No. 2674~ ~~~
RESOLUTION NO. 2674
A RESOLUTION APPROVING AN APPLICATION FOR
PERSONAL PROPERTY TAX DEDUCTION
WHEREAS, I.C. 6- l . l -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 Value Production, Inc., for personal property
located at 2629 Foundation Drive in the Airport Economic Development Area, the legal description
of which is attached hereto, marked Exhibit "A" and incorporated herein; and
WHEREAS, this Commission declared the Airport Economic Development Area by
Resolution No. 919, adopted February 23, 1990, and in the same resolution declared the Airport
Economic Development Allocation Area, Allocation Area No. 1; and
WHEREAS, the property located at 2629 Foundation Drive is located within the Airport
Economic Development Allocation Area, Allocation Area No. 1.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission
as follows:
1) The Commission finds that the application from Value Production, Inc., for (5) five years
of personal property tax abatement consideration for property located at 2629 Foundation Drive in
the Airport Economic Development Allocation Area, Allocation Area No. 1, 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 Value
Production, Inc.
Approved this 7th day of May, 2010, at the regularly scheduled meeting of the South Bend
Redevelopment Commission.
SOUTH BEND REDEVELOPMENT COMMISSION
ATTEST:
EXHIBIT A
LEGAL DESCRIPTION
Description: A parcel of land in the Southwest Quarter of Section 28, Township 38 North,
Range 2 East, St. Joseph County, Indiana.
Tax Key No.: 25-1010-0400.12
Address: 2629 Foundation Drive
South Bend, IN 46628
1200 CouN"fY-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 STEPHEN J. LUECKE, MAYOR
COMMUNITY & ECONOMIC DEVELOPMENT
JEFFREY V. GIBNEY
EXECUTIVE DIRECTOR
I:~~X ABATEMENT REPORT
TO:
FROM:
SOUTH BEND REDEVELOPMENT COMMISSION
BOB MATHIA ~ ~~'
SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR:
VALUE PRODUCTION, INC.
DATE: May 3, 2010
On May 3, 2010, a petition for personal property tax abatement consideration for property located at 2629
Foundation Drive was filed with the City Clerk by Value Production, Inc. 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.6-1.1-12.1 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
Value Production is a modern production machining facility. They provide one-stop shopping for design,
prototypes, and production, and it is an ISO 9001:2000 certified company. Value Production was
established in October of 2000. The company manufactures products for use in the aerospace,
automotive, medical, and commercial markets. The company will purchase a new, Swiss lathe, 2 Mazak
horizontal machining centers and a pallet control center for their custom manufacturing needs. The
project will invest $1,500,000 in this new equipment. Total taxes to be abated during the (5) five-year
abatement period are estimated at $41,882. Total taxes to be paid during the (5) five-year abatement
period are estimated at $124,606.
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM
PAAIHLA 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 Value Production, Inc.
May 3, 2010
Page 2
EMPLOYMENT IMPACT
Per the petition, it is estimated that the total project will create four (4) new, permanent, full-time jobs in
the first year of production representing a new annual payroll of $120,000. The project will also maintain
twenty-three (23) existing, permanent, full-time jobs and one (1) existing part-time job representing an
annual payroll of $1,000,000.
ABATEMENT QUALIFICATION
1. A review of the tax abatements previously granted finds that the petitioner has been granted or been
associated with the following previous tax abatements:
Term/Type Resolution No. Date
5-year personal property (Increase) 3770-07 August 13, 2007
5-year personal property 3669-06 November 27, 2006
5-year personal property 3305-04 February 23, 2004
5-year personal property 2955-00 December 18, 2000
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 Airport Economic 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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