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TAX ABATEMENT REPOR T <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: AARON KOBB <br />Filed in Clerk's Office <br />FEB 22 2017 <br />KAREEMAH FOWLER <br />CRY CLERK, SOUTH BEND, IN <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />GLC Portage Prairie III, LLC <br />DATE: February 22, 2017 <br />On Wednesday February 22, 2017, a petition from GLC Portage Prairie III, LLC was <br />received and subsequently filed with the City Clerk for real property tax abatement <br />consideration for property to be located at the northeast comer of Adams Road and U.S. <br />31, South Bend, IN 46628. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the <br />Municipal Code of the City of South Bend, this petition was referred to the Department <br />of Community Investment for purposes of investigation and preparation of a report <br />determining whether the area qualifies as an Economic Revitalization Area pursuant to <br />I.C.6 -1.1 -12.1 and whether all 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 approximately 315,000 sq. ft. spec commercial distribution <br />and light assembly facility (and related paving/parking and other site <br />improvements) to serve and support the needs of commercial/distribution users <br />considering South Bend as a business site <br />➢ $13,500,000 investment in new building construction <br />➢ Total project taxes during the six year abatement period — $1,822,500 <br />➢ Estimated taxes being abated during the six year abatement period — $1,822,500 <br />➢ Total taxes to be paid during the six year abatement period — $0 <br />➢ Annual tax generation beginning after six year abatement period - $303,750 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create (100) one hundred permanent full -time jobs, representing an approximate <br />new annual payroll of $4,784,000. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />