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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: AARON KOBB <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Commerce Center Development, LLC <br />DATE: January 4, 2017 <br />On Wednesday, January 4, 2017, a petition from Commerce Center Development, LLC <br />was received and subsequently filed with the City Clerk for real property tax abatement <br />consideration for property to be located at 401 E. Colfax Ave., South Bend, IN 46617. <br />Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of <br />South Bend, this petition was referred to the Department of Community Investment for <br />purposes of investigation and preparation of a report determining whether the area <br />qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all <br />zoning 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 multi -tenant mixed use expansion to the existing <br />Commerce Center area including 144 apartments, 30,000 square foot of <br />commercial and retail space, and a parking garage consisting of 500+ spaces. <br />➢ $35,000,000 investment in new building construction <br />➢ Total project taxes during the ten year abatement period — $6,264,654 <br />➢ Estimated taxes being abated during the ten year abatement period — $5,879,877 <br />➢ Total taxes to be paid during the ten year abatement period — $3 84,777 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create (84) eighty four permanent full -time jobs, representing an approximate <br />new annual payroll of $2,297,568. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />