17-76 Tax Abatement for River Park Corp.

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o4SpUTH p ` Filed in Clerk's Office NOV 21 2017 eence� KAREEMAH FOWLER x 1865 x CITY CLERK,SOUTH BEND,IN CITY OF SOUTH BEND COMMUNITY INVESTMENT TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: DANIEL BUCKENMEYER SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: River Park Leasing Corporation DATE: November 21,2017 On Tuesday November 211, 2017, a petition from River Park Leasing Corporation was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at the intersection of Jefferson Boulevard and 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 ➢ Construction of the approximately 37,800 sq. ft. class A office building(with first floor retail)which would further support positive impact and growth in downtown South Bend. ➢ This type of office development hasn't been done in over two decades. The top floor of the proposed five (5) story building will house a new start-up aimed to employ 12-20 professionals in the next 2-3 years. ➢ $9,000,000 private investment in the building construction ➢ Land purchase from the Redevelopment Commission for$50,000. ➢ Estimated taxes being abated during six year abatement period—$1,296,000 l EXCELLENCE , ACCOUNTABILITY ! INNOVATION I INCLUSION I EMPOWERMENT 14005 County-City Building 227W.Jefferson Bvld. South Bencl.Indiana 46601 p574.235.9371 www.soutlibendin.gov