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1200 COUNTY-CITY BUiLViNc <br />227W. JFrrERSON Bcut,F vARu <br />Sourli BIND, INDIANA 46601 -1330 <br />Nux ,F 5741235 -9371 <br />F.Ax 5741235 -9021 <br />TDD 574/ 235 -5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, IMAYOR <br />COMMUNITY& ECONOMic DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />February 11, 2010 <br />Council Member Timothy Rouse, Chairperson <br />Community & Economic Development Committee <br />South Bend Common Council <br />4th Floor, County City Building <br />South Bend, iN 46601 <br />RE: Real Property Tax Abatement Designation Extension for: <br />Gateway Plaza Deal Estate, LLC <br />Dear Council Member Rouse: <br />Please find attached a letter from Jamie Ruiz, Managing Director, Finance and Asset Services for <br />CB Richard Ellis /Bradley and Agent for the petitioner, Gateway Plaza Real Estate, LLC, In the letter <br />Ms. Ruiz is requesting an extension of the designation period for a three year real property tax <br />abatement granted to Gateway Plaza Real Estate through resolution number 3928 -08 on December 8, <br />2008. The designation period granted to Gateway Plaza was two years and is due to expire on <br />November 23, 2010. The company is requesting a one year extension on the designation (making <br />the total designation three years). The extension request is due to a delay in the anticipated anchor <br />tenants committing to the project which in turn has delayed the start of planned construction. <br />Tenants have postponed committing to the project because of the current economic conditions. Also, <br />in spite of extensive marketing efforts alternative tenants have not been found. <br />Gateway Plaza is now planning a fall 2010 ground breaking. But with an anticipated ten month <br />construction schedule the project will not be completed before the designation period expires which <br />will make the building ineligible for the abatement. In view of the current situation Gateway Plaza is <br />requesting a one year extension of the designation period. The request falls within the Council's <br />guidelines, which allow for a company to request up to a one year extension for good reason, In <br />addition to Ms. Ruiz' letter, I have attached a copy of a revised Statement of Benefits (Form SB -I ) <br />and a copy of the original staff report and petition for your review. Ms. Ruiz or another <br />representative from Gateway Plaza will be available to meet with the Committee and answer any <br />questions on Monday, February 22, 2010. <br />C'ommuNITY DEVELOPMEN'r F.CONoN(1C DEVELOPMENT FINANCIAL & PROGRAM <br />PAMELA C. MEYER Dn NALD F.. INKS MANAGEMLNT <br />5741 2:35 -9660 5741235 -9371 ELIZABRTH LEONARD <br />FAX: 5741235 -9697 570235 -9371 <br />