16-85 Real Property Tax Abatement for Great Lakes

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: AARON KOBB Filed in Clerk's Office NOV 0 9 2016 KAREEMAH FOWLER CITY CLERK, SOUTH BEND, IN SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: GLC SBDC II, LLC DATE: November 9, 2016 On Wednesday November 9, 2016, a petition from GLC SBDC II, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at 23464 Adams Road, South Bend, IN 46628. 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 ➢ Construction of a new approximately 210,000 sq. ft. spec commercialibulk distribution facility (and related paving/parking and other improvements) to serve and support the needs of commercial/distribution users considering South Bend as a business site ➢ $7,700,000 investment in new building construction ➢ Total project taxes during the nine year abatement period — $1,881,336 ➢ Estimated taxes being abated during the nine year abatement period — $733,663 ➢ Total taxes to be paid during the nine year abatement period — $1,147,673 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create (10) ten permanent full -time jobs within the first three years, representing an approximate new annual payroll of $374,400. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB