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--T- <br /> SpU H <br /> f <br /> U b'. <br /> PEACE <br /> IT k <br /> 18(15 <br /> CITY OF SOUTH BEND <br /> COMMUNITY INVESTMENT <br /> October 4,2017 Filed in Clerk's Office <br /> Mr.Tim Scott, President OCT 04 2017 <br /> South Bend Common Council <br /> 0 Floor City-County Building KAREE�SAN,F)VVLER <br /> South Bend,IN 46601 CITY CLERK SOM!THl BEN D. IN <br /> RE:Proposed Amendment to Resolution 4610-17:Tax Abatement for 23464 Adams Rd. <br /> Dear President Scott: <br /> Attached for the Common Council's consideration is a proposed amendment to Resolution 4610-17,a Tax Abatement for 23464 <br /> Adams Rd.South Bend,IN 46628,adopted February 13,2017.This Tax Abatement has not been applied and the property has not <br /> yet undergone any development or improvements. <br /> This amendment proposes the reconfiguration of the Tax Abatement from a 9-year tiered abatement to a more aggressive 6-year <br /> 100%tax abatement. The latter,more aggressive tax abatement structure was not readily known or implemented when the original <br /> abatement/resolution was approved and adopted. The approval and adoption of this proposed amendment will help to reinvigorate <br /> and accelerate a proposed"spec building"development with a proven partner,Great Lakes Capital,and bring a critical piece of <br /> commercial real estate inventory to the region. This action will be instrumental in driving the immediate(weather permitting) <br /> launch of the project,so that the spec building could be available to potential entrants in the first half of 2018. <br /> Please note that this proposed amendment would take the form of a new confirmatory resolution presented for the Council's <br /> approval following a public hearing on October 23,2017. Also enclosed is a proposed resolution to be adopted on October 9,2017, <br /> to instruct the Clerk to provide public notice of such hearing on October 23,2017. Thank you for your consideration. I,along with <br /> Jeff Smoke representing Great Lakes Capital,will attend the Community Investment Committee and Council meetings on October 9, <br /> 2017,and October 23,2017,to address any questions. <br /> Sincerely, <br /> Daniel J.Buckenmeyer <br /> Director of Business Development <br /> Department of Community Investment <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> 1400S County-City Building 227W.Jefferson Bvld. South Bend,Indiana 46601 p574.235.9371 www.southbendin.gov <br />