HomeMy WebLinkAboutDCI_ Presentation_2024-08-26(HoosierTank)Department of Community Investment
August 26, 2024
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Agenda:
Bill No. 24-28 Confirming Resolution - Personal Property Tax Abatement 1710 North Sheridan Street
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Five (5) year Personal Property Tax Abatement
1710 North Sheridan St. for Hoosier Tank & Manufacturing, LLC
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Confirming Resolution: Bill No. 24-28
Tax Abatement for
Hoosier Tank & Manufacturing, LLC
Personal Property Abatement
New Personal Property will be owned & operated by Hoosier Tank & Manufacturing, LLC
Operating in South Bend since 1991
New equipment and facility improvements will expand production capacity
Will hire 15 new employees, and retain 112 current employees
Total local investment: $4,000,000
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Confirming Resolution: Bill No. 24-28
Personal Property Abatement
Tax summary
Personal Property taxes paid in most recent tax year: $89,941.16
Estimated additional taxes in the first year after installation: $54,144.00
Current assessed value: $3,037,010
Estimated assessed value after project: $4,634,010
During the 5-year abatement:
New estimated taxes: $320,803
Portion of new taxes abated: $227,956
Portion of new taxes paid: $92,847
During the 5-year period following the abatement:
New taxes paid: $139,421
Tax Abatement for
Hoosier Tank & Manufacturing, LLC
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Tax Abatement for Personal Property belonging to Hoosier Tank & Manufacturing, LLC
ESTIMATED* New Taxes During Abatement Period
* Assumes constant tax rates and no changes in assessed value.
Confirming Resolution: Bill No. 24-28
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