12-14-15 Agenda, Packet & Committee Meeting Notice

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BROCK ZEEB SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: Mossberg& Company,Inc. DATE: December 8,2015 On Tuesday,December 8,2015,a petition from Mossberg&Company, Inc. was received and subsequently filed with the City Clerk for personal property tax abatement consideration for property to be located at 301 East Sample Street, South Bend, IN 46601. 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 ➢ Mossberg&Company,Inc.will be investing approximately$490,000 towards new machinery and equipment to help maintain their current market segments and expand to other areas. ➢ Estimated taxes to be paid over the five year abatement period—$22,768 ➢ Estimated taxes being abated over the five year abatement period—$19,268 ➢ Estimated total taxes on new equipment over five year abatement period—$42,036 EMPLOYMENT IMPACT Per the petition,it is estimated that the total project will: ➢ Create(2)two permanent,full-time and zero (0)permanent,part-time jobs during the five year abatement period,representing a new annual payroll of approximately $100,000 ➢ Retain (99) ninety nine permanent full-time jobs with an annual payroll of $5,071,500. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES JITIN KAIN PAMELA C.MEYER CHRIS FIELDING BROCK ZEES