17-09 Designating a six (6) year real property tax abatement for Hibberd Development, LLC

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: AARON KOBB SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: Hibberd Development, LLC DATE: February 22, 2017 On Wednesday February 22, 2017, a petition from Hibberd Development, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at 321 South Main Street, South Bend, IN 46601. 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 ➢ Redevelopment of an abandoned downtown building to be converted into a mixed use development containing office, retail, and residential spaces including a street level green space and rooftop amenity, both of which will be open to the public. ➢ $5,250,000 private investment ➢ Total project taxes during the five year abatement period — $472,500 ➢ Estimated taxes being abated during the five year abatement period — $472,500 ➢ Total taxes to be paid during the five year abatement period — $0 ➢ Annual tax generation beginning after five year abatement period - $94,500 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create (32) thirty two permanent full -time jobs, representing an approximate new annual payroll of $1,397,760. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB