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CITY OF SOUTH BEND I COMMUNITY INVESTMENT <br /> The owner/developer is,again,a South Bend native.It has been noted that he is pursuing <br /> this venture after witnessing a revitalization of downtown South Bend over the past 10 <br /> years.Nonetheless,a$9,000,000.00 investment in world-class office space is a <br /> significant risk in any metropolitan area. DCI staff recommends that we partner with the <br /> developer to mitigate this risk to a reasonable degree and enable this new development in <br /> downtown South Bend. A tax abatement is a meaningful tool allowing ramp-up time for <br /> the owner/developer to bring tenants into the new retail/office building. <br /> The Department of Community Investment's recommendation for support of this project <br /> is a 6-year, 100%tax abatement. This level of partnership and investment is supported <br /> by the petitioner's level of investment and other"points"factors from their Petition <br /> Packet,by the algorithms and computations that drive our objective analyses, and by the <br /> investment and participation levels (-15%)that we set as a meaningful benchmark for all <br /> deals. It is a good investment for the City of South Bend. <br /> In summary the project entails the following: <br /> • Purchase of land at$50,000.00 <br /> • $9,000,000.00 in Private Investment <br /> • Six-story,38Ksf class A retail/office space <br /> This packet includes the following: <br /> ➢ Department of Community Investment's summary report <br /> ➢ Copy of the petition <br /> ➢ Statement of Benefits form <br /> ➢ Supporting information. <br /> Should you or any of the other Council members have any questions concerning the <br /> report,or need additional information,please feel free to call me at 235-5823. <br /> Sincerely, <br /> Daniel J. Buckenmeyer <br /> Director, Business Development&Economic Resources <br /> Department of Community Investment <br /> City of South Bend <br /> EXCELLENCE ; ACCOUNTABILITY I INNOVATION I INCLUSION EMPOWERMENT <br /> 14005 County-City Building j 227 W.Jefferson Bvld.I South Bend,Indiana 466011 p 574.235.93711 www.southbendin.gov <br />