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HomeMy WebLinkAbout19-11 SWGS Properties, LLC Designating Personal Property Tax Abatement ul=r 8 e� Filed in Clerk's Office x ' . JAN 2,3 2019 Esc_ KAAEEM'AH FOWLER CITY CLERK,SOUTH BEND, IN CITY OF SOUTH BEND COVVU \ ITY INVESTMENT JAMES MUELLER, EXECUTIVE DIRECTOR January 22,2019 Council Member Gavin Ferlic,Chairperson Community Investment Committee South Bend Common Council 4th Floor,County City Building South Bend,IN 46601 RE: Vacant,Real&Personal Property Tax Abatement Petition for:SWGS Properties,LLC Dear Council Member Ferlic: Please find the attached information pertaining to a vacant,real and personal property tax abatement petition submitted by SWGS Properties, LLC to purchase a vacant building located at 2920 W Sample St. South Bend,IN 46619 and new equipment for fabrication of steel products.The business,a distributor for hot and cold rolled metal products for steel industry, was formed in 2015 and has overgrown its existing facility 10,000 sq ft in Mishawaka,IN.This petition package includes: ' Department of Community Investment's summary report ➢ Petition • Statement of Benefits forms(Vacant Building, Real and Personal properties) ➢ Supporting information The report contains the Department's findings relative to the above petition. The petitioner proposes to purchase the vacant building for$765,000, invest in its renovation approximately$500,000 and purchase new equipment with estimated cost of$700,000. A total project cost is approximately $2,000,000. A representative from SWGS Properties, LLC will be available to meet with the Committee on Monday, January 28,2019. Should you or any of the other Council members have any questions concerning the report, or need additional information,please feel free to call me at 235-5823. Sinc rely, Dani Flue e #er Director,Business Development DANLELJ.BUCKENMEYER ALKEYNA ALDRIDGE PAMELA MEYER TIM CORCORAN BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COMMUNITY RESOURCES EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION ; EMPOWERMENT 14005 County-City Building J 227 W.Jefferson Blvd.1 South Bend,Indiana 46601 1 p 574.235.93711 www.southbendin.gov Filed in Clerk's Office JAN 2 3 2019 KAREEMAH FOWLER TAX ABATEMENT REPORT CLERIC,SOUTH BEND,IN TO: South Bend Common Council FROM: Daniel Buckenmeyer,Director of Business Development SUBJECT: VACANT, REAL & PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: SWGS Properties,LLC DATE: . January 23, 2019 On Monday, January 14, 2019, a petition from SWGS Properties, LLC was received and subsequently filed with the City Clerk for vacant,real and personal property tax abatements consideration for property located at 2920 W Sample Street, South Bend, IN 46619. 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 Investment 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 Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY > Building purchase price of$765,000 with an additional$500,000 in planned private investment for building upgrades to operate a manufacturing and distribution facility including modem roof, flooring, and loading docks. > There are two parcels including a vacant building and land that have not been utilized for close to 5 years. Currently, the building has leaks and requires immediate repairs and renovation. > Additional private investment in personal property/capital equipment with purchase price of$700,000.The industrial equipment is for forming hot and cold rolled metal products. > Estimated taxes phase-in and paid: Property Estimated Total Taxes Est.Taxes Phase-In Est.Taxes Paid Vacant—6Y $125,569 $104,096 $21,473 Renovation-6Y $82,952 $68,767 $14,185 Equipment—5Y $60,437 $40,119 $20,318 Total: $268,958 $212,982 $55,976 EMPLOYMENT IMPACT Per this petition,it is estimated that the company will: ➢ Bring four (4) permanent full-time jobs representing a total annual payroll of $160,576 to South Bend. The hourly average wage is$19.30. ➢ Create sixteen (16) new permanent, full-time jobs within first four years with a total estimated annual payroll of$624,000. The estimated hourly average wage is $18.75. ABATEMENT QUALIFICATION I. A review of the tax abatements previously granted, finds that the petitioner has not been granted or associated with previous abatements. 2. The Area Plan Commission has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the River West Development Area. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications for a six(6)year vacant building,a six(6)year real property and five (5) year personal tax abatements under section 2-82.1, Industrial development in Urban Enterprise Zone and Redevelopment Blighted Areas, and section 2-84.2,Tangible Personal Property Tax Abatement. Filed in Clerk's Office JAN 23 2019 I I KAF(EE v r% FO VILER CITY CLERK,SOUTH BENI) !' BILL NO. 19-11 RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2920 W Sample Street, South Bend, Indiana 46619 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (5) FIVE-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR SWGS Properties, LLC WHEREAS,a petition for personal property tax abatement consideration has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 2920 W Sample Street,South Bend,Indiana 46619,and which is more particularly described as follows: Business Personal Property and which has Key Numbers to be assigned,be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et seq.,and South Bend Municipal Code Sections 2-76 et eq., and; WHEREAS,the Department of Community Investment has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1,et sem. .,and South Bend Municipal Code Sections 2-76, et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS,the Community Investment Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6-1.1- 12.1-4.5 et seq., that: a. The estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; b. That the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed installation of new manufacturing equipment; c. That the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; d. Any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment;and e. The totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community Investment, and the Community Investment Committee's favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of(5) five years as shown below pursuant to Indiana Code 6-1.1-12.1-17. Year 1-100% Year 2- 90% Year 3- 80% Year 4- 70% Year 5- 60% SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. 2 Tim Scott, Council President South Bend Common Council City of South Bend Petition for Incentives i I Petition must Include a$250 filing fee poyable to the City Clerk's Office or online via the Gty's website at ' http://soutnbendln.gov/government/content/tax-obatemenf before processing can be complete Gene el Information Project Name Project Number IEDC#420573 legal n'Yne as registered with Secretary of Grace Steel Corporation (AddingGrace Steel, LLC in comingdays with Tax FEIN) state P Y Bus:nat structure Grace Steel LLC would be Joint Venture with Steel Warehouse (Female Owned) Compal/website www.gracesteelservice.com c.r'L,� ;_ a 5" Proposed Project Information Proposr projactsddress I 2920 West Sample St Patentcompar.ynatm Grace Steel Corporation City,staae,Zip South Bend, IN 46619 Una!owner Pam Andre(Female owned) Site a cr4age d'acreage requuedIt the reel estate owned or Would be Owned In. d Square st of facility 73,000 If!cased byv,hon, Prima y Contact Information Primary:ampany(0,12C111111118 David Andre Title President address of companyoontad 21601 Durham Way Phone 574-536-2445 ocy,stazip Bristol, IN 46507 Email davidandre©gracesteelservice.com Senior,Official Information Compar*senior official hart), Same as above Title address of company contact(if different from Phu^e above) City,Star e,ZIp Ea l Consu Cant Information/Agent Hired bs.inessconsultant/agent nameRSM US LLP/Eric Levenhagen Consultantrefease(v/NI Y Address local economic 9225 Priority Way W Drive#300 development partneri approval Cfi Cl .tySt e,zip Indianapolis, IN 46240 em"' 11 Project Overview Brief de$rlptlon of your compan .project,and why the Grace Steel has outgrown its existing facility 10,000 sq ft in Mishawaka. IN as a properr ,snec.asuyfor distributor for hot and cold rolled metal products for steel industry and other industrial econom'growth markets. We are seeking potential sites of 70,000 sq ft or larger for growth. Evaluation criteria include site location, economic incentives and labor force. The potential South Bend site is 73,000 sq ft and has been vacant for 6 years and under utilized for the past 15 years. It is located in Urban Enterprise Zone Grace Steel is looking to grow in either Indiana or Michigan to serve a large vendor at Steel Warehouse with up to 15 new jobs above State/County average wage. There is opportunity to form a joint venture with this vendor for steel product manufacturing/distribution to save on shipping costs and streamline efficient operations. We respectfully request analysts for Vacant Building Deduction Tax Abatement or TIF Funding compared with Enterprise Zone savings over 10 years to achieve this growth plan and major investment into this building. Certified\rethnoiogyPa,osppropr(ah Filed {(1 Clerk's Office No 'is the prp;ectlnaTax Incremental Financing Yes (Sample Street Corridor) �— r fTIF I er.? Ifso.iehitn? Certify t t the Building Permit hes not been Number of residential units aeated tryO r Issued NMI .flroita If this Ise petition for personal property tax abe Dtmen!,has _ the equipment been Installed No MREE4rs.r c:''v'LER CITY CL.EP1 5O STH SEND,IN Ilnvestrtent Details I _ Pubic Irirasiructure needs(Off. Has any 504 funding been What is the value of any equipment being purchased nWhet is the value of any equ'pment tseing site of project In dollars) received? Indiana for the project? I purchased from oat of stets for dee project? N/A No $350,000 $350,000 New ftroiect Investments CaieniarYear 2018 2019 2020 2021 2022 2023 2024 2025 Land Amu 8ulldine lease Payments r Building Purchase Costs $765,000 New 8v Jding Construction EKistinsgWlldin{improvements $100,000 $200,000 $ 100,000 $100,000 New 1ddnW i Equipment $400,000 $ 100,000 $ 100,000 $100,000 Spedal'ooilng/Retooling New futniture/FtxWras New Co nputer/tT Hardware $10,000 New So ware $10,000 $10,000 $ 10,000 $ 10,000 On-site taD Infrastructure On-site'Ibex Infrastructure TOTAL 1 $765.000 $520,000 $310.000 $210.000 s $210.000 $0 S 0 $0 Full-Time Permanent Indiana-Resident Positions by Calendar Year Calendhr Year Jobs retained Total hourty Cumulative ft of net NEW full time HOurty average wise,w/o Total training Total*to be wage w/o permanent Jobs created nt project benefits or bnisses,of expenditure- trained-not fringe or cumulative net new jobs not cumulative bonuses cumulative 2018 4(0 at project site) 19.30 2019 5 19.40 515000 5 1020 10 18.75 $20000 10 1021 15 13.75 525000 15 2022 20 1875 2023 20 18.75 2024 20 18.75 2025 20 18 75 2026 20 18.75 2023 20 18.75 2028 20 18.75 2029 20 '8.75 Provide hourly wage information for new employees in the following positions. Full time Parr Bine ' Libcrers Tedmial 513 Managerial $22 Administrative Who wrli be me trtaivtduai resoon sioie for coord among with I .Wor4qo'..nnremuItine7 David Andre Does yo rr company nave an EEO hiring pokey? Yes Are you an EEO employer? Yes Pleaseflist the number of full time and part time minority and/or female employees for each of Please describe your commitment to the last three years: divertlty and Inclusion by detailing your outreach end recrultnent efforts for the fart Year three years as wet at current poildm. FuU Tlme Part Time Full Time Part Time Full Time Part Time n Pam Andre is Owner and Hispanic they have made company Asan female owned business. Indian Company is EEO employer P�tthat does not discriminate 1 1 1 in hitng process. e'er 3 3 3 Complete below for Real or Personal Property Tax Abatement only. Please sign for all requested incentives. Public Benefit Item: Infer'tnatlon is required on both the construction companies end the con'parties which will provide materials purchased for this project. Pleas complete the table below with the appropriate Information. if Qualify tamed Points Available Points you qualify for the points,please enter the full amount of available (Yes or No) points. Construction Related[Contractors): A. Employ Local Companies(75%) Yes 20 20 B. Purchase Materials from Local Companies(75%) Yes 20 20 C. Require Employees vs.Independent Contractors Yes 19 19 D. Require Prevailing Wage(Davis Bacon) Yes 22 22 E. Require Health Benefits Yes 22 22 F. Require Pension Benefits Yes 18 18 G. Maintain Affirmative Action Plan No 20 ISub-total Construction Related: 121 141 Waite G Benefit Related iowneri A. Pay Target Wage Levels Yes 33 33 B. Provide health Benefits Yes 34 34 C. Provide Pension Benefits Yes 29 29 D. Provide Training Yes 28 28 E. •Provide Child Care No 15 F. Provide Transportation Assistance No 14 G. Provide Employer Assisted Housing program No 9 ISub-total Wage&Benefit Related: 124 162 3 Workforce Related A. Create New Jobs Yes 42 42 B. Retain Existing Jobs Yes 41 41 C. Maintain Affirmative Acton Plan No 35 D. Provide Targeted Hiring Preference Yes 34 34 Sub-total workforce Related: 117 :52 4 Support a Municipal Facility- A Support a SB Municipal Facility(donations to the zoo,conservatory,museum,etc.) YeS 84 84 Name of Fac.uty South Bend Zoo I ISO-tots!Municipal Fadilty: sz 34 Sub-total from Above: 448 -39 The undersigned owner(s)of real property,located within the City of South Bend,herby petition the Common Council of the City of South Bend for areal and/or personal property x abatement consideration and pursuant to I.C.,6-1.1-12.1-1,et spa,,and South Bend Mu cipel de 5ec. 4!t sea.,for this petition state the above. Submitted By: i / / 7, "Date: f -II(fir i';:: For Staff Use Only Below This Line 'Cr-L./ix-7 5-6 S v a What Is the current assessed value? Real Property: Personal Property: What Is the projected assessed value? Real Property: ' ex,4'—. L.v 0. Personal Property: 4/672 0 0 What is the tax key number for this project? O 7S — 7�'��5 O f —2 72//n/` 0/ 7—CFC;' /IL— _CF ;' '-v—L J G2 LO y What is the six digit NAILS code? //0tn 51� ✓/' Filed in Clerk's f. :;.6 Please attach a Google map and street view of the location. I Please list the amount of real and personal property taxes Real Property Taxes: Personal roperty Trees: Is 1 paid for the last five years when applicable. �J / t M t tj/2/6c/T f,Year One OZO & ^� .____-- �/ Year Two > .9� MRtttviP,H FOWLER • / - r/ Year Three -r'f Cl �Y C �1 SOLI f BEND,1�1 > /yt/ Year Four 02.4/ 2 2// s o/ � /! Year Five a y 24,G_—. Please fill out the following Public Benefit Summary Information and add to total from above. JY or NI Pointe Points Public Benefit Item: Project Related: 5 A. Redevelop a Site that has Special Needs 49 B Develop Based on Local University Research 35 C. Achieve a Physical Element of a Plan 36 Sub-total Project Related: 120 6 Super Size Projects[point values are cumulative): A. 100%to 199% ty �j 25 B. 200%to 299% 68 C. 300%to 399% 65 D. 400%and Over 52 Sub-total Super Size Projects: 210 7 Pay for Municipal Infrastructure: A Pay for Oversizing or Upgrading 14 B Pay for 26-50%of Extension Cost 26 C. Pay for 51-75%of Extension Cost 39 D Pay for 76-100%of Extension Cost 52 I [Sub-total Infrastructure Related: 131 Total from Applicant Section: ,*1./6 539 Total from Staff Section: 461 Total Public Benefit Points: 7-1 1000 N - ON 4--I SMeade St r5 O C CO" N ii N c N N P- . 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A C - - c E 7' 01 v v • o o y, •, O a) a •a I. , - d c W U y C 6J O rn I. 0 LC, o `CU a C° H o ° A a IA u d o o P.. in a v1 U d E- _ a .a ... d d .: E a 0 0?.ra, STATEMENT OF BENEFITS Filed in Clerk's Office FORM SB-1 /PP PERSONAL PROPERTY tale Form 51764(R4/11 15) \i Prescribed by the Department of Local Government Fin,nce JAN E `U 1 y PRIVACY NOTICE Any information concerning the cost of the property and apeciftc salaries paid ---------- to individual employees by the property KAREE N.t..,t';-.,)WEER owner is confidential per IC 8-1.1-12.1.5.1. INSTRUCTIONS CITY CLERK, .;!,'',tBEND I. y. This statement must be submitted to the body designating the Economic -e aiizauo?TArea pilo - . • - aring if the designating body requires Information fktm the applicant in making its decision about whether to designate en Economic Revitalization Area Otherwise this statement must be submitted to the designating body BEFORE a person installs the new manufacturing equipment and/or research and development equipment,and/or logistical disribution equipment and/or information technology equipment for which the person wishes to claim a deduction. 2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the installation of qualifying+hatable equipment for which the person desires to claim a deduction. 3. To obtain a/eduction, a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule (Form 103-EW)with the township assessor of the township where the properly is situated or with the county assessor if there is no township assessor for the town ship. The 103-ERA must be filed between January i and May 15 of the assessment year In which new manufacturing equipment and/or research anti development equipment and/or logistical distribution equipment and/or information technology equipment is installed and fully functional,unfess a filing extension rias been obtained. A person who obtains a riling extension must file the form between January 1 and the extended due date oft sat year. 4. Property owl ers whose Statement of Benefits was approved,must submit Form CF-1/PP annually to show compliance with the Statement of Benefits. (IC 6-1.1-12.1-5.6) 5. For a Form1/PP that Is approved after June 30,2013,the designating body is required to establish an abatement schedule for each deduction allowed. Fora Form�l/PP that Is approved prior to July 1,2013,the abatement schedule approved by the designating body remains In effect. (iC 6-1.1-12.1-17) SECTION 1 TAXPAYER INFORMATION Name of texpaye .af j, s, S !4r1t, ,a 5 4 L e_ Name of contact person Grace Steel LLC(Pam Andre is Woman Owrier) David Andre, Owner Address of taxes'Sr(number and street,city state,and ZIP code) Telephone number 21601 Durha'n Way. Bristol, IN 46507 ( 574 ) 536-2445 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of design lig body Resolution number(s) City Council )f South Bend Location of prop/rty County DLGF taxing district number ll 2920 West Semple Street,South Bend,IN 46619 ST JOSEPH 026 Description of manufacturing equipment and/or research and development equipment ESTIMATED and/or logistical distribution equipment and/or information technology equipment. START DATE COMPLETION DATE (Use additional sheets H necessary.) Company w I purchase manufacturing equipment for hot and cold rolled metal Manufacturing Equipment 02/15/2019 12/31/2020 products to erve steel industry and other industrial markets. R&D Equipment Loglst Dist Equipment IT Equipment SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Saltines Number retained Satanas Number a •atony Salaries 0 50 0 I $0 10 $416,000.00 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT NOTE:Pursu snt to IC 6-1.1-12.1-5.1 (d)(2)the MANUFACTURINGST &D EQUIPMENT EQUIPMENT LOGIST IT EQUIPMENT EQUIPMENT COST of the property is confidential. COST ASSESSED COST ASSESSED COST ASSESSED COST ASSESSED VALUE VALUE VALUE VALUE Current value _ Plus estimate/.values of proposed project 700,000 210,000 Less values d any property being replaced Net estimate values upon completion of project 210,000 SECTION ' WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated so d waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits! SECTION• TAXPAYER CERTIFICATION I hereby ce that t : ep,-sent- ogbt in I -. sta ,• em are true. Signature of au$lonzed r pro tate. Date signed(month,day,yeah -- January 4, 2019 Printed name a au • zed representative Title David Andre Owner Page 1 of 2 FOR USE OF THE DESIGNATING BODY We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in Ire resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides far the following limitations as authorized urderIC 6-1.1-12.1-2. A. The desk Hated area has been limited to a period of time not to exceed calendar years•(see below). The date this designation expires is . NOTE:This question addresses whether the resolution contains an expiration date for the designated area. B.The type of deduction that is allowed in the designated area Is limited to: 1 . Installation of new manufacturing equipment; ❑Yes 0 N o 0 Enhanced Abatement per IC 5-1.1-12.1-18 2. Installation of new research and development equipment: 0 Yes 0 No Check box if an enhanced abatement was 3. Instalhtion of new logistical distribution equipment. 0 Yes 0 No approved for one or more of these types. 4. Installation of new information technology equipment; ❑Yes ❑No C.The amount of deduction applicable to new manufacturing equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) D.The amo int of deduction applicable to new research and development equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) E. The amo mt of deduction applicable to new logistical distribution equipment is limited to$ cost with an assessed value of $ (One or both lines may be filled out to establish a limit,if desired.) F. The amo ml of deduction applicable to new information technology equipment Is limited to$ cost with an assessed value of $ . (One or both fines may be filled out to establish a limit,If desired.) G. Other 11m/rations or conditions(specify) H. The deduction for new manufacturing equipment and/or new research and development equipment and/or new logistical distribution equipment and/or new Infor nation technology equipment Installed and first claimed eligible for deduction Is allowed for: 0 1+3ar 1 0 Year 2 0 Year 3 0 Year 4 0 Year 5 0 Enhanced Abatement per IC 6-1.1-12.1-18 Number of years approved: 0 rear 6 ❑ Year 7 0 Year 8 0 Year 9 0 Year 1 D (Enter one to twenty(1-20)years;may not exceed twenty(20)years.) I. For a Sta ement of Benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? ❑Yes 0 No If yes,attach a copy of the abatement schedule to this form. If no,the iesignating body Is required to establish an abatement schedule before the deduction can be determined. Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved by:(slitiature and title of authorized member ofdesignatlng body) Telephone number Date signed(month,day,yeah Printed name of 4utiiorized member of designating body Name of designating body Attested by:(slgristuie and title of attester) Printed name of attester If the desig'rating body limits the time period during which an area Is an economic revitalization area,that limitation does not limit the length of time a taxpayer ismntitled to receive a deduction to a number of years that Is less than the number of years designated under IC 6-1.1-12.1-17. IC 6-1.1-12.1-17 Abatement schedules Sec.17.(a)A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter ar abatement schedule based on the following factors: (1)The total amount of the taxpayer's Investment In real and personal property. (2)The number cf new full-time equivalent jobs created. (3)The average wage of the new employees compared to the state minimum wage. (4)The infrastructure requirements for the taxpayer's investment, (b)This subsection applies toe statement of benefits approved after June 30,2013.A designating body shall establish an abatement schedule for each deduction allowed under thli chapter.An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may not exceed ten(b)years. 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