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16-85 Tax Abatement RP for GLC SBDC II, LLC
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16-85 Tax Abatement RP for GLC SBDC II, LLC
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♦pr -�WK. _. <br />TAX ABATEMENT REPORT i Red in Clerk's Office <br />NOV 0 9 2016 <br />TO: SOUTH BEND COMMON COUNCIL , <br />KAREEAMAH FOWLER <br />FROM: AARON KOBB CITY CLERK, SOUTH BEND, IN <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />GLC SBDC II, LLC <br />DATE: November 9, 2016 <br />On Wednesday November 9, 2016, a petition from GLC SBDC II, LLC was received and <br />subsequently filed with the City Clerk for real properly tax abatement consideration for <br />property to be located at 23464 Adams Road, South Bend, IN 46628. Pursuant to <br />Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, <br />this petition was referred to the Department of Community Investment for purposes of <br />investigation and preparation of a report determining whether the area qualifies as an <br />Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />➢ Construction of a new approximately 210,000 sq. ft. spec commercial/bulk <br />distribution facility (and related paving /parking and other improvements) to serve <br />and support the needs of commercial /distribution users considering South Bend as <br />a business site <br />➢ $7,700,000 investment in new building construction <br />➢ Total project taxes during the nine year abatement period — $1,881,336 <br />➢ Estimated taxes being abated during the nine year abatement period — $733,663 <br />➢ Total taxes to be paid during the nine year abatement period — $1,147,673 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create (10) ten permanent full -time jobs within the first three years, representing <br />an approximate new annual payroll of $374,400. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />
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