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Rod in C(nrk,F nffica <br /> APR 18 2018 <br /> TAX ABATEMENT REPORT ' C �? <br /> J �`r��-Erg <br /> 'I C?T`! !_�rK„� t1TH BFP l[l). 1,11-I <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: DANIEL BUCKENMEYER <br /> SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> Franklin Street Technology Park,LLC <br /> DATE: April 18,2018 <br /> On Thursday March 29'x', 2018, a petition from Franklin Street Technology Park, LLC was <br /> received and subsequently filed with the City Clerk for real property tax abatement consideration <br /> for property to be located at the intersection of Sample Street and Franklin Street, South Bend,IN <br /> 46601. Pursuant to Chapter 2,Article 6,Section 2-84.2 of the Municipal Code of the City of South <br /> Bend, this petition was referred to the Department of Community Investment for purposes of <br /> investigation and preparation of a report determining whether the area qualifies as an Economic <br /> Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. <br /> The Department of Community Investment has reviewed the petition(a copy of which is attached), <br /> investigated the area,and makes the following report. <br /> PROJECT SUMMARY <br /> ➢ Construction of the approximately 60,000 sq. ft. three standalone buildings with <br /> flexible use space. <br /> ➢ The proposed construction will be located on the block bounded by Sample Street, <br /> Franklin Street, Garst Street and Lafayette Street adjacent to the main campus of <br /> Ignition Park. The new space will be leased out to various small companies for a <br /> variety of uses including light manufacturing and assembly, service contractors, <br /> distribution companies and technology maintenance and support companies. <br /> ➢ In the first phase a building approximately 30,000 sq.ft.will be built as speculative <br /> space in anticipation of tenant needs. An additional 30,000 sq.ft. will be designed <br /> and added as specific needs and tenants are identified.The space will allow various <br /> types of companies to start operations or to expand into larger spaces. This type pf <br /> space will complement the larger structures contemplated for Ignition Park. <br /> ➢ The project is expected to create approximately 60 indirect jobs in the next five <br /> years. <br /> ➢ $3,000,000 private investment in the buildings construction. <br /> ➢ Land purchase from the Redevelopment Commission for$84,000. <br /> ➢ Estimated taxes being paid during eight year abatement period—$137,488 <br /> ➢ Estimated taxes being abated during eight year abatement period—$438,512 <br />