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TAXABATEMIENT REPORT <br /> TO: South Bend Common Council <br /> FROM: Daniel Buckenmeyer,Director of Business Development <br /> SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> Historic Lincoln Way West Homes,L.P. <br /> DATE: July 3,2018 <br /> On Monday, July 2, 2018, a petition from Historic Lincoln Way West Homes, L.P. was <br /> received and subsequently filed with the City Clerk for real property tax abatement <br /> consideration for property located at 1636 Lincoln Way West Street, South Bend,IN 46628. <br /> 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 <br /> of investigation and preparation of a report determining whether the area qualifies as an <br /> Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning <br /> requirements have been met. <br /> The Department of Community Investment has reviewed the petition(a copy of which is <br /> attached),investigated the area,and makes the following report. <br /> PROJECT SUMMARY <br /> ➢ Estimated $6,404,000 renovation of a former brewery building which is currently <br /> being used for an antique store and glass repair facility. The building will be <br /> converted to a residential structure with 22 apartments and common spaces for <br /> resident use. This project will result in the improvement of a blighted structure that <br /> is located on a major artery that leads from the airport to downtown South Bend. <br /> ➢ All apartments will be available for use by low and moderate income individuals <br /> and families for the duration of the abatement <br /> ➢ Estimated total taxes on the renovated building during the ten (10) year abatement <br /> period—$664,520 <br /> ➢ Estimated taxes being abated during the ten(10)year abatement period—$537,578 <br /> ➢ Estimated taxes to be paid during the ten(10)year abatement period—$126,942 <br /> EMPLOYMENT IMPACT <br /> Per the petition, it is estimated that the total project will: <br /> ➢ Create 1 permanent,full-time jobs within three years,representing a new estimate <br /> annual payroll of$40,000 <br />