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TO: FROM: SUBJECT: DATE: TAX ABA TEMENT REPORT SOUTH BEND REDEVELOPMENT COMMISSION DAVID RELOS, ECONOMIC DEVELOPMENT PLANNER (P4' RESOLUTION NO. 3074 REAL PROPERTY TAX ABATEMENT PETION FOR: INDIANA ROTOMOLDING, INC. SEPTEMBER 13, 2012 On August 1, 2012., a petition for real property tax abatement consideration for property located at 3300 N. Kenmorc was filed with the City Clerk by Indiana Rotomolding, 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 dete ining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -1 .1 and whether all zoning requirements have been met. The Depart ent of Community and Economic Development has reviewed the petition, investigated the area, and ra kes the following report. PROJECT SUMMARY Indiana Ro omolding, Inc. is a custom plastic processor utilizing the rotational molding process to manufacture yellow crash barrels for highway safety, along with a wide variety of other small and large hollow products which are shipped up to 800 miles away. The petitioner would like to construct a 25,000 square foot building, which will enable the expansion of their manufacturing facility to accommodate orders from a large new customer. The estimated dollar value of the project, excluding land, is $750,000. Information about construction related activities is not yet known, but will be available prior to the Common C uncil's date for granting a confirming resolution. The company will qualify for a three to four year real property abatement. Total taxes to be abated during a (4) four year abatement period are estimated a $10,044. Total taxes to be paid during a (4) four year abatement period are estimated at $291,483. otal taxes to be abated during a (3) three year abatement are estimated at $7,995. Total taxes to be paid 4ring a (3) three year abatement are estimated at $218,150. EMPLOYMENT IMPACT Per the petil ion, it is estimated that the total project will create at least twenty (20) new, permanent, full - time jobs in the first year of production, representing new annual payroll of at least $900,000. The project will maintain 70 existing, permanent, full -time jobs with a total annual payroll of $2,500,000.