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HomeMy WebLinkAbout19-19 Molding Products Confirming Personal Property Tax Abatement Filed in Clerk's Office . �.� APR 0 3 2019 rl'y - - KAREEMAH FOWLER CITY CLERK,SOUTH BEND,IBJ_ ;rug; CITY OF SOUTH BEND COv1MU \ ITY INVESTMENT Council Member Gavin Ferlic, Chairperson April 3, 2019 Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 46601 RE: Personal Property Tax Abatement Petition for: Molding Products, LLC Dear Council Member Ferlic: Please find attached the Department of Community Investment's report on a personal property tax abatement petition for the above-referenced petitioner. Also attached is a copy of the petition,Statement of Benefits form, and supporting information. The project calls for the acquisition and installation of new equipment as part of the company's planned increase additional mixing capacity and upgrade the storage vessels for raw materials. The company is located on 1545 S. Olive Street, South Bend. The report contains the Department's findings relative to the above petition. Molding Plastics will be purchasing and installing new equipment with an estimated cost of$5,000,000. The project meets the qualifications for a (5) five-year personal property tax abatement and a representative from Molding Products will be available to meet with the Committee on Monday,April 8th, 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 235-95823. Sincerely, D 1 Buckenmeyer Director Economic Resources&Business Development DANTELJ.BUCKENMEYER ALKEYNA ALDRIDGE PAMELA MEYER Tim CORCORAN BUSINESS DEVELOPMENT ENGAGEMENT&ECOxONIIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COMMUNITY RESOURCES EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Angelina Billo SUBJECT: Personal Property Tax Abatement Petition For: Molding Products. LLC DATE: April 1, 2019 On April 1,2019 a petition for personal property tax abatement consideration for property located at 1545 S.Olive Street,South Bend,was filed with the City Clerk by Molding Products,LLC.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 • Molding Products produces Thermoset Composite Sheet Molding Compound (SMC) that is molded by their customers into end-use products ranging from bathtubs to Corvette outer body panels.The process requires various powders and liquid resins to be blended according to precise recipes. The current business is limited by capacity of the mixing system. This project will add additional mixing capacity and upgrade the storage vessels for raw materials. The company has already spent more than$5mm building an addition to their existing facility and is seeking City support to assist with rising project costs and keep the project viable for the community. • Total estimated cost of capital equipment is approximately $5,000,000. The equipment will include tanks,mixers,pumps,mixer blades and folk lifts. • Petitioner is qualified for a five-year personal property tax abatement. • Total taxes phased-in during a (5) five-year abatement period are estimated at $52,331. New project taxes will be $342,169. Total taxes to be paid over five years on the new and existing equipment are estimated at$687,630.Note that increased tax revenue will also be generated by the present real property improvements. EMPLOYMENT IMPACT Per this petition, the company will retain forty-five (45) full-time jobs with an annual payroll of $1,684,800. It is estimated that the business will create twenty(20)new, permanent full-time positions and zero (0)part-time positions with an annual payroll of$748,800 within the next four years. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner, Molding Products, LLC has not been granted or associated with any previous abatement. 2. The Area Plan Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. The Building Commissioner has reviewed the petition and finds no building permit was issued. 4. A review of the South Bend Redevelopment designation areas finds that the property is located in the River West Development Area. 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications for a(5)five-year personal property tax abatement under section 2-84.2,Tangible Personal Property Tax Abatement. in 0000 0 tflN NON to r` o 0 s- to co -4- C) C) C) (D a) 0000 C) CO N-- CD 0 0 } O O V O (0O N OC) CO CO CO N N - M O 0 0 0 o N O N N O N X :O rt O M N N O 'ell '-• ti ` (n V �0 0 1 0) 0) O Z (O (a - m C) C) C) CO t. iv O O O O co C) OC O O O H a 0 N 0 0 (O CL }. C) O to (YJ OD N-N-O O O N O 1` O O NJ N. M n 0tl) , V- Lc) LO CO CO CO r N N N N o () CO CV (O a) OMC) OO u7 (.- N- 0 0 0 U) O O O 0 O C) x V C) O C) O N O 0 V) IC CO N N to t() ~ (0 C) C) C) CO >- C) O h u') O N- N. 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(U O D (U (6 ® C� 'L 1 1F ,C (O D D D ti > u) (0 C U o l co (6 7 "6 N x X X m m to C «m M C m 0 �. Y o -0 (6 CC` m � a" a' E Q � C Ca v m It X Y ,z (n .7 \ � .Q c� � N coo x . ami .2 11 2 .� Y Q dd N . z a . 2z m` 3o '5 a? �� E c d d cu E N 0 -- u> 75 W a) a) (n 0 cn u) 0 LL U co > m (/) co C (n ` It) 0m _1 Q CD 0 $ Filed in Clerk's Office BILL NO. 19-19 APR 0 3 2019 RESOLUTION NO. KAREEMAH FOWLER CITY CLERK,SOUTH BEND,IN A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 1545 S. Olive Street, South Bend, IN 46619 AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR Molding Plastics, LLC WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 1545 S. Olive Street, South Bend, Indiana, and which is more particularly described as follows: Business Personal Property and which has Key Numbers to be assigned and be designated as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for personal property tax abatement only and is limited to three (3) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted personal property tax deduction for a period of five (5) years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. Year 1 - 100% Year 2 - 95% Year 3 - 85% Year 4 - 75% Years - 65% SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. Tim Scott, Council President South Bend Common Council Filed in Cies k's Office 1 7 \PR u i 2019 City of South Bend ° Petition for Incentives -- EEM Qwt. R , ,11/oquflq gi$ 0 filing fee payable to the City Clerk's Office or online via the City's website at • ..;!TYRK, Ah'n /n,g v/government/content/tax-abatement before processing can be complete General Information Project Name MP Expansion Phase I Project Number Legal name as registered with Secretary of Molding Products LLC. State Business structure Limited Liability Company Company website www.molding-products.com Proposed Project Information Proposed project address 1545 S.Olive Street Parent company name IP Corporation City,State,Zip South Bend, IN 46619 Legal owner Jim Wallenfelsz Site acreage or acreage required 1 acre Is the real estate owned or Leased leased Square feet of facility 15,000 If leased by whom Northfolk&Southern Primary Contact Information Primary company contact name Troy Wade Title Vice President&General Manager Address of company contact 1545 S.Olive Street Phone 574-404-5512 City,State,Zip South Bend, IN 46619 Email twade@molding-products.com Senior Official Information Company senior offIcial name Reagan Stephens Title Chief Operating Officer Address of company contact(if different from 1225 Willow Lake Blvd. Phone 651-481-6855 above' City,State,Zip St. Paul, MN 55110 Email rstephens©ipcorp.com Consultant Information/Agent Hired business consultant/agent name Consultant release(YIN) Address Local economic development partners approval(Y/N) City,State,Zip Email I Project Overview Brief description of your company,project,and why the Molding Products produces fiberglass reinforced composite property Is necessary for intermediate that is molded by their customers into composite parts economic growth such as the Corvette outer body panels. The process requires various powders and liquid resins to be blended according to precise recipes. The current business is limited by capacity of the mixing system. This project will add additional mixing capacity and upgrade the storage vessels for raw materials. Certified Technology Park appropriate Is the project in a Tax incremental financing Mf 1 area? If so.which? Certify that the Building Permit has not been Number of residential units created by issued IY/NI mutest If this is a petition for personal property tax abatement,has the equipment been installed Investment Details Public Infrastructure needs(Off- Has any 504 funding been What is the value of any equipment being purchased in What Is the value of any equipment being site of project in dollars) received? Indiana for the project? purchased from out of state for the project? New Project Investments Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026 Land Acquisition $12,000 00 S 12,000 00 $12,000.00 5 12,000 00 $12,000 00 S 12,000 00 $12,000 00 $12,000 00 Building Lease Payments Building Purchase Costs New Building Construction S 4,400,000 00 Existing Building Improvements New Machinery&Equipment $5,000,000 00 Special Tooling/Retooling New Furniture/Fixtures New Computer/IT Hardware New Software $50,000 00 On-site Rail Infrastructure On-site Fiber Infrastructure TOTAL 5 9,462,000 00 $12,000.00 $12,000 00 $12,000.00 $12,000.00 $12,000.00 $12,000.00 $12,000.00 Full-Time Permanent Indiana-Resident Positions by Calendar Year Calendar Year Jobs retained Total hourly Cumulative 9 of net NEW full time Hourly average wage,w/o Total training Total ft to be wage w/o permanent jabs created at project benefits or bonuses,of expenditure- trained-not fringe or cumulative net new jobs not cumulative bonuses cumulative 2019 45 518/Hr-075,000 7 $18/Hr-$75,000 $5,000 7 2020 8 $18/Hr-$75,000 S6,000 8 2021 5 $18/Hr-S75,000 $4,000 5 2022 2023 2024 2025 2026 2027 2028 2029 2030 Provide hourly wage Information for new employees in the following positions. Full time Part time Laborers 15 Technical 5 Managerial Administrative Who will be the individual responsible for coordinating with WorkOne on recruiting? Neal Hinds Does your company have an EEO hiring policy? Yes Are you an EEO employer? Yes Please list 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: diversity and inclusion by detailing your Year outreach and recruitment efforts for the last 2016 2016 2016 three years as well as current policies. Full Time Part Time Full Time Part Time Full Time Part Time Black 12 14 15 Molding Products is an Equal Opportunity Hispanic Employer It's policy to comply with those laws 3 2 3 in all respects Therefore,it's a violation of Company Policy to discriminate against an Asian 1 1 1 individual unlawfully because of any of the following:Race,Color,Religion,Sex,or Indian 1 National origin,Disability,Age and any other Female status protected by law This policy also 3 3 4 applies to hiring compensation and all other terms,conditions,and privileges of Other employment Complete below for Real or Personal Property Tax Abatement only. Please sign for all requested incentives. Public Benefit Item: Information is required on both the construction companies and the companies which will provide materials purchased for this project. Please complete the table below with the appropriate information. If Qualify Earned Points Available Points you qualify for the points,please enter the full amount of available (yes or No) points. 1 Construction Related(Contractors): A. Employ Local Companies(75%) Yes 20 20 B. Purchase Materials from Local Companies(75%) No 0 20 C. Require Employees vs.Independent Contractors No 0 19 D. Require Prevailing Wage(Davis Bacon) Yes 22 22 E. Require Health Benefits Yes 22 22 F. Require Pension Benefits No 0 18 G. Maintain Affirmative Action Plan No 0 20 Sub-total Construction Related: 64 141 2 Wage&Benefit Related(Owner): A. Pay Target Wage Levels Yes 33 33 B. Provide Health Benefits Yes 34 34 C. Provide Pension Benefits No 0 29 D. Provide Training Yes 28 28 E. Provide Child Care No 0 15 F. Provide Transportation Assistance No 0 14 G. Provide Employer Assisted Housing program No 0 9 Sub-total Wage&Benefit Related: 95 162 3 Workforce Related: A. Create New Jobs Yes 42 42 B. Retain Existing Jobs Yes 41 41 C. Maintain Affirmative Action Plan Yes 35 35 D. Provide Targeted Hiring Preference Yes 34 34 Sub-total Workforce Related: 152 152 4 Support a Municipal Facility: Support a SB Municipal Facility(donations to the A. zoo,conservatory,museum,etc.) No 0 84 Name of Facility Molding Products LLC ISub-total Municipal Facility: a 84 Sub-total from Above: 311 539 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 a real and/or personal property tax abatement consideration and pursuant to I.C.,6-1.1-12.1-1,et seq.,and South Bend Municip Cocfp Sec. 76 et seq.,forothis�peti'on state the above. Submitted By: Troy Wade ///' i � _4 t e: 3/23/19 1 For Staff Use Only Below This Line What is the current assessed value? Real Property: Personal Property: 'C, ,J'2 D f,` p What is the projected assessed value? Real Property: Personal Property: J What is the tax key number for this project? r ._ OM' 1�J/w f-7 z ' o What is the six dig-rtNAILS code? r� �,99/ (7 Please attach a Google map and street view of the location. Please list the amount of real and personal property taxes Real Property Taxes: Personal Property Taxes: paid for the last five years when applicable. Year One v y7-,k rc+ � '�,c ', „4„, j Year Two r'n/ / -70 /9Z'l _ ,e6 1 Year Three 6'1-7 ^ y �J� y� /� Year Four Year Five Please fill out the following Public Benefit Summary Information and add to total from above. JV or Nj Points 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% - - 1 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 Sub-total Infrastructure Related: 131 Total from Applicant Section: -1' 539 Total from Staff Section: 461 Total Public Benefit Points: 3.'7'( 1000 Filed in Clerk's Office cu"'^,,. STATEMENT OF BENEFITS APR 01 2019 FORM SB-1 /PP yy 4 PERSONAL PROPERTY 0 State Form 51764(R4/11-15) , Prescribed by the Department of Local Government Finance KAREEMAH FOWLER PRIVACY NOTICE Diit I CITY CLERK,SOUTH BENDA information concerning the cost — -- — — —oe property and specific salaries paid to individual employees by the property owner is confidential per IC 6-1.1-12.1-5.1 INSTRUCTIONS 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an 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 distribution 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 abatable equipment for which the person desires to claim a deduction. 3. To obtain a deduction, a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule (Form 103-ERA)with the township assessor of the township where the property is situated or with the county assessor if there is no township assessor for the township. The 103-ERA must be filed between January 1 and May 15 of the assessment year in which new manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment is installed and fully functional,unless a filing extension has been obtained. A person who obtains a filing extension must file the form between January 1 and the extended due date of that year. 4. Property owners 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 Form SB-1/PP that is approved after June 30,2013,the designating body is required to establish an abatement schedule for each deduction allowed. For a Form SB-1/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 taxpayer Name of contact person Molding Products LLC Troy Wade Address of taxpayer(number and street,city,stale,and ZIP code) Telephone number 1545 S. Olive Street 46619 574-404-5512 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number(s) Molding Products LLC Location of property County DLGF taxing district number 1545 S. Olive Street 46619 St. Joeseph 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 if necessary) Manufacturing Equipment 1/1/19 12/31/19 R tx D Equipment 1/1/19 12/31/19 Tanks, Mixers, Motors, Pumps, mixer blades, Fork Lifts, Carbonized t Logist Dist Equipment 1/1/19 12/31/19 IT Equipment 1/1/19 12/31/19 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retainec Salaries Number adcitional Salaries 45 $18/$75000 45 $18/575,000 20 $18/75 000 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT NOTE:Pursuant to IC 5-1.1-12.1-5.1 (d)(2)the EQUMANUFACTURING LOGIST DIST R 8 D EQUIPMENT EQUIPMENT IT EQUIPMENT COST of the property is confidential. COST ASSESSED COST ASSESSED COST ASSESSED COST ASSESSED VALUE VALUE VALUE VALUE Current values $3.0MM Plus estimated values of proposed project $5.5MM Less values of any property being replaced Net estimated values upon completion of project $8.5MM SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) 240 Tons Other benefits: SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. S tune of euthprize representative Date signed(month,day,year) 5 �'ll/1 WVIU9I/ 4-1-19 Printed name of authorized representative Title Troy D.Wade Vice President&General Manager Page 1 of 2 FOR USE OF THE DESIGNATING BODY We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides for the following limitations as authorized under IC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed calendar years'(see below). The date this designation expires is . NOTE:This question addresses whether the resolution contains an expiration date for the designated area. B. The type of deduction that is allowed in the designated area is limited to: 1 . Installation of new manufacturing equipment; ❑Yes ❑N o 0 Enhanced Abatement per IC 6-1.1-12.1-18 2. Installation of new research and development equipment; ❑Yes ❑N o Check box if an enhanced abatement was 3.Installation of new logistical distribution equipment. ❑Yes ❑ N o approved for one or more of these types. 4. Installation of new information technology equipment; ❑Yes ❑N o C.The amount of deduction applicable to new manufacturing equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) D.The amount of deduction applicable to new research and development equipment is limited to$ cost with an assessed value of $ . (One or both lines maybe filled out to establish a limit,if desired.) E. The amount 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 amount of deduction applicable to new information technology equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) G. Other limitations 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 information technology equipment installed and first claimed eligible for deduction Is allowed for: ❑ Year 1 0 Year 2 ❑ Year 3 0 Year 4 0 Year 5 ❑Enhanced Abatement per IC 6-1.1-12.1-18 Number of years approved: ❑ Year 6 0 Year 7 ❑ Year 8 ❑ Year 9 ❑ Year 10 (Enter one to twenty(1-20)years;may not exceed twenty(20)years.) I. For a Statement of Benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? ❑Yes ❑No If yes,attach a copy of the abatement schedule to this form. If no,the designating 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:(signature and title of authorized member of designating body) Telephone number Date signed(month,day,year) Printed name of authorized member of designating body Name of designating body Attested by:(signature and title of attester) Printed name of attester •If the designating 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 is entitled 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 an abatement schedule based on the following factors: (1)The total amount of the taxpayer's investment in real and personal property. (2)The number of 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 to a statement of benefits approved after June 30,2013.A designating body shall establish an abatement schedule for each deduction allowed under this 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(10)years. (c)Art abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. Page 2of2