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STATEMENT OF BENEFITS
<br />7 ' — REAL ESTATE IMPROVEMENTS
<br />State Form 51767 (R412 -13)
<br />Prescribed by the Department of Local Government Finance
<br />This statement is being completed for real property that qualifies under the following Indiana Code (check one box):
<br />❑ Redevelopment or rehabilitation of real estate improvements (IC 6 -1.1- 12.1 -4)
<br />❑ Residentially distressed area (IC 6 -1.1- 12.1 -4.1)
<br />1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires
<br />information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise, this statement must be
<br />submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction.
<br />"Projects "planned or committed to after July 1, 1987, and areas designated after July 1, 1987, require s STATEMENT OF BENEFITS. (IC 6-1.1 -12,1)
<br />2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or
<br />rehabilitation, BEFORE a deduction may be approved.
<br />3. To obtain a deduction, a Form 3221RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation Is
<br />made or not later than thirty (30) days after the assessment notice is mailed to the property owner if it was mailed after April 10. If the property owner
<br />misses the May 10 deadline in the initial year of occupation, he can apply between March 1 and May 10 of a subsequent year
<br />4. Property owners whose Statement of Benefits was approved after June 30, 1991, must attach a Form CF -1 /Real Property annually to the application to
<br />show compliance with the Statement of Benefits. (iC 6- 1.1- 12.1- 5.1(b) and IC 6 -9.1- 12.1- 5.30)J.
<br />5. The schedules established under IC 6- 1.1- 12.1 -4(d) for rehabilitated property apply to any economic revitalization areas designated after June 30, 2000,
<br />unless an alternative deduction schedule is adopted by the designating body (IC 6 -1.1- 12.1 -17). The schedules effective prior to July 1, 2000, shall
<br />continue to apply to economic revitalization areas designated before July 1, 2000.
<br />SECTION •- •
<br />Name of taxpayer
<br />Commerce Center Development, LLC
<br />Address of taxpayer (numberand street. city, state. and ZIP code)
<br />121 S. Niles Ave., South Bend, IN 46617
<br />Name of contact person Telephone number
<br />E -mail address
<br />David Matthews 1(574 ) 607-4271
<br />David @MatthewsLLC.com
<br />SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
<br />Name of designating body
<br />Resolution number
<br />South Bend Common Council
<br />Location of property
<br />County
<br />DLGF taxing district number
<br />401 E. Colfax Ave., South Bend, IN 46617
<br />Description of real property improvements, redevelopment, or rehabilitation (use addifional sheets if necessary)
<br />Estimated start date (month, day, year)
<br />1/1/2017
<br />Construction of a mixed use, multi tenant building and parking structure
<br />Estimated completion dale (month, day, year)
<br />August 2020
<br />SECTION 3 ESTIMATE OF EMPLOYEES
<br />AND SALARIES AS RESULT OF PROPOSED PROJECT
<br />Currenlnumber Salaries
<br />Numberretained Salaries Numberadditional Salaries
<br />14 768,000
<br />14 768,000 84 2,297,568
<br />SECTION 4 ESTIMATED TOTAL COST AND
<br />VALUE OF PROPOSED PROJECT
<br />REAL ESTATE IMPROVEMENTS
<br />COST
<br />ASSESSED VALUE
<br />Current values
<br />1,900,000
<br />2,952,700
<br />Plus estimated values of proposed project
<br />35,475,000
<br />28,000,000
<br />Less values of any property being replaced
<br />475000
<br />0
<br />Net estimated values upon completion of project
<br />36,900,000
<br />30,952,700
<br />SECTION • • AND OTHER
<br />BENEFITS PROMISED BY THE TAXPAYER
<br />Estimated solid waste converted (pounds)
<br />Estimated hazardous waste converted (pounds)
<br />Other benefits
<br />SECTION - •
<br />1 hereby certify that the representations in this statement are true.
<br />Sig natu a of authorized representative
<br />Title Membe
<br />I)alesigned (month, day, year]
<br />1/4/17
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