6B(1) Resolution No. 2869 - Laserfiche WebLink

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South Bend Redevelopment Commission RE: Tax Abatement for Hoosier Tank and Manufacturing, Inc. April 18, 2011 Page 2 The equipment for the production line includes a dust collector, air make up vent, new diameter tooling, leveler for shear, laser cutter, roller, leak detection system, progressive strap bracket die, forklift, washer, assembler, and an automated powder spray paint system. A personal property tax abatement application is being submitted as part of the total project. The project's total cost is estimated at up to $1,935,000. The project will move the company's truck dock to a better location that will eliminate a major traffic obstruction due to trucks using the street for turning and backing up to the current dock for deliveries. This is something the City has been working with Hoosier Tank to alleviate for approximately two years. Total taxes to be abated during the seven -year abatement period are estimated at $31,422. Total additional taxes to be amid as a result of the project during the seven -year abatement period are estimated at $127,079. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create fifteen (15) new, permanent full -time positions with an annual payroll $600,000. The project will also maintain seventy -two (72) existing permanent full -time positions, including 22 existing permanent full -time minority employees, with a total annual payroll of $3,000,000. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner has been associated with or granted the following previous abatements: Term /Type 5 year personal property 5 year personal property 10 year real property 5 year personal property 5 year personal property Resolution No. Date 2013 -93 2/22/1993 3213 -03 7/28/2003 3234 -03 8/25/2003 3843 -05 (Reconfirm & Inc.) 6/27/2005 4008 -10 1/11/2010 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project.