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He <br />CBRE E <br />OCT 2 9 10119 <br />October 28, 2009 <br />Robert Mathia <br />Assistant Director <br />South Bead Economic Development <br />227 W. Jefferson, Suite 1200 S <br />South Bend, IN 46601 <br />RE: Gateway ]Plaza Phase TV Tax Abatement <br />Dear Bob, <br />P.O. Box 540 <br />South Bend, !N 46624 <br />574 237 6000 Tel <br />574 237 6001 Fax <br />www.Cbre.com /southhnnd <br />This letter is sent in response to your e -mail dated October 22 in reference to Gateway Plaza Phase IV <br />(vacant land adjacent to 3305 Lathrop Drive, South Bend) and the recent appointment of tax <br />abatement and an Economic Revitalization Area (BRA) designation for the project. <br />Due to current economic conditions, the anticipated anchor tenant(s) for Gateway Plaza Phase IV have <br />not been able to follow through on their intent. Subsequently, the project has been postponed with a <br />projected spring 2010 groundbreaking date. CB Richard Ellis ! Bradley has had the project marketed <br />as available since May 2009 and has been actively approaching users during that time. We will <br />continue with these efforts in attempt to expedite the project to the best of our ability. <br />We appreciate the Common Council's understanding of the owner's inability to begin construction <br />given the factors above — factors that are, to a large extent, out of anyone's control. We would <br />therefore like to request a one -year extension of tax abatement. <br />I loop forward to hearing from you with further direction and /or feedback. As always, please feel free <br />to contact me with any questions. <br />Sincerely, <br />CB "rd Ellis j Bradley <br />JaMie Ruiz <br />(�fanaging Director, Financial & Asset Services <br />Cc: Brad'Foothaker <br />Anneliese Woolford <br />