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CITY OF SOUTH BEND I OFFICE OF THE CLERK Ignition Park came into being, there was a State deal that almost allowed a total exemption. Does that still exist? Ms. Hayes replied, This building targets a variety of different companies so we could have some tech companies, light manufacturing and start-ups. So there is a nice array of possibilities and we are not expecting additional abatement. Mo Miller, Franklin Street Technology Park with offices located at 814 Marietta Street, South Bend, stated, We expect no additional abatements. There would be personal property which is the possession of each of the companies we lease to. I don't think it really matters if it is five (5) companies with 5,000 square feet. We anticipate building this space as a fill and specify the needs of the tenants that come in. Committeemember Davis asked, For the PUD over there, is there a committee that advises that? There was conversation about that because it is in the sixth district.Are you aware of a committee? Mr. Buckenmeyer replied,Yes we are aware. The committee was not utilized over the past several years. We are in the process of pulling that committee back together for Ignition Park. Committeemember Davis interjected,Personally,I would like to get back on that because it is right in the district I serve. I would prefer to know more about those things prior to them being put in our packet. Thank you. I'm at peace. Committee Chair Ferlic then opened the floor to members of the public wishing to speak in favor of or in opposition to Bill No. 18-18. There were none. He then turned the floor back to the Committee for further comment or main motion on Bill No. 18-18 Committeemember Davis made a motion to send Bill No. 18-18 to the full Council with a favorable recommendation. Committeemember McBride seconded the motion which carried by a voice vote of four ayes. Mr.Buckenmeyer continued,This next is,obviously, Wharf Partners. The project is known as 320 at the Cascasde. This rendering(referencing a slide in the presentation available in the City Clerk's Office) shows specifically the phase one (1) of the multi-phase project. This phase will be about 77,000 square feet of Mixed-Use. It will be commercial on the lower floor and residential on the upper floors. It is a private investment of over $20 million that is going into the building of this structure. We have a very low estimate as they are indirect jobs for the spec project but we think there will be twenty (20). But we figure with the floor plate they have, there could be easily more than that. We are recommending a six (6)year tax abatement and, it is important to note, it will be on the commercial elements only. There will no abatement to the residential portion. During the time of abatement, it is an estimated $432,000 to be abated however there will still be over $1.5 million in taxes paid. Frank Perri, Wharf Partners with offices located at 3617 McKinley Avenue, stated, We are very excited. Wharf Partners is the presenter of the project over the next four (4) years total. It will be some $40 million in investment. We are excited because it is the last remaining piece on the riverfront that hasn't had much activity. We've hit pay dirt and are really proud to bring it to you today. We hope you see it favorably on the abatement. We were very conservative on the job estimate and I think it will generate life on that portion of the river which is right downtown. It is EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT 455 County-City Building 227W.Jefferson BvldJ South Bend,Indiana 466011p574.235.9221 f574.235.9173 TM574.235.55671www.southbendin.gov 4