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Filed in Clerk's Office <br /> APR 18 2018 <br /> KAREE10AH FOWLER <br /> TAX ABATEMENT REPORT CITY CLERK,SOUTH BEND,IN <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: DANIEL BUCKENMEYER <br /> SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> Wharf Partners,LLC (Phase 1) <br /> DATE: April 18,2018 <br /> On Monday April 16`x',2018,a petition from Wharf Partners,LLC was received and subsequently <br /> filed with the City Clerk for real property tax abatement consideration for property to be located at <br /> 320 East Colfax Avenue, South Bend, IN 46617. Pursuant to Chapter 2,Article 6, Section 2-84.2 <br /> of the Municipal Code of the City of South Bend, this petition was referred to the Department of <br /> Community Investment for purposes of investigation and preparation of a report determining <br /> whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and <br /> 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 77,000 sq. ft. mix use building containing <br /> commercial and residential space. <br /> ➢ The proposed construction will be located on the riverfront land located within the <br /> Central Business District. <br /> ➢ The high quality mid-rise building will promote further confidence in the real estate <br /> investment community and spur additional investments,especially in the East Bank <br /> Village. <br /> ➢ The project is expected to create approximately 20 indirect jobs in the next three <br /> years. <br /> ➢ $19,350,000 private investment in the buildings construction. <br /> ➢ Estimated taxes being paid during the six year abatement period — S1,468,000 <br /> (residential property) <br /> ➢ Estimated taxes being abated during the six year abatement period—$432,000 <br />