18-49 Modifying and reconfirming resolution for Tower at Washington (Hotel)

Home Browse Search

l �• y STATEMENT OF BENEFITS / 20_PAY 20_ VACANT BUILDING DEDUCTION Stale Form 65182 IR/2-14} FORM SB•1!VBD `• ' Prescribed by the Department of Local Government Finance PRIVACY NOTICE This statement is being completed for real property that qualifies as an`eligible vacant building'as dofined by The nest and enyspec fclndivdus:'a IC fi-1.1-12,1.1(17). na'"information is confidential;the balance of the filing is public record per IC 6-1.1-12.1-5,1(c)end(d). INSTRUCTtON3 1. This statemont must bo submitted to the body designating tho Geonomlc Revitalize flon Area prior to the public hearing if the designating body requires Information from the applicant in making its decision about t,t•hether to designate on Economic Revitalization Area. Othen0se.this statement must be submitted to the designating body BEFORE the occupation of the eligible vacant building for which the porson rvishos to claim a deduction. 2. 70 obtain a vacant building deduction,a Four 322/VSO must be filed with the county auditor before May 10 in the year in which the property owner or his tenant occuples the vacant building or not later than thirty(30)days aRerthe assessment notice is mailed to the property o:wnerifit was mailed aflor-Aprif f0. it the property owner misses the May 10 deadline in the initial year of occmtpalion,he can apply between March 1 and May 10 of a subsequent year 3. A property owner)who files the Form 3221VBD must provide the county auditor and the designating booty with a Form CF-1/VBD to show compliance with the approved Fonn SB-INBD. The Fomm CF-11VBD must also be updafed each year in which the deduction Is applicable. Norma of I-payer The Tower at Washington Square LLC Address of taxpayer(number and street,city,sta(e,and Z1Pcode) --— 5-44 471h Avenue,3rd floor,Long Island City,NY 11101 #J Name of contact poison^ Telephone number E-ma l address LibertyAnge)lades ( 718 ) 786-5555 theloweratwashinglonsquareliC®gmel I' SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED • i Name of designating body Resdul on number South Bend Common Council L�C, Location c propcAy County DLGF laying dstdct number 211 W.Washington St ( ` T4-L I) St.Joseph Description of eligible vacant building That the properly aNnerOr tenant will occupy fuse add6'unal smmots hnecessary). Estimated oceupar>cy dale(month,day,year) Hotel is part of a mixed use building. Hotel was closed In June 2014 shortly after purchase as 01/011/17 building had fallen into severe disrepalr and occupancy was less than 10%. Owner intends to Est mated date pIaced•In-use(month,dad yaaQ refurbish building beginning In late 2015 with re-occupancy to occur in early 2017 01/01/17 ) ECTION 3 ESTIMATE OF .SALARIES At A RESULT OF .•. Current number Salaries Number reldned Saledes Number additional Salaries 62 16.87 SECTION ESTIMATED TOTAL COST AND VALUE OF PROPOSED ROJEcr REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE r Current values Plus estimated values of proposed projecl 15,245,274.00 Less values of any property being replaced Net estimated valuer;upon completion of project SECTION • TO SELL OR LEASE VACANT BUILDING Described efforts by the owner or prav{ous awner to sell,lease,or rent the building during period of vacancy. Owner was unable to lease or rent the hotel beginning in June 2014 as the bullding's mechanical systems,HVAC and other internal systems had long term deferred maintenance Issues unattended which made it not viable. Deferred maintenance Issues subsequently led to burst water pipes causing significant Interior damage. Owner had to ultimately close the building and vacate all tenants to begin a long term rovitalziation project Slaw amount for which the building was offered for sale,lase,or rei11 during period of vacancy. I List any other benefits resu{ling from the occupancy of the e6gb!e vacant building. The building is the most prominent buliding In downtown South Bend and its location on Main Street make it an important community asset central to the City's continued revitalization. The redevelopment of the building to an updated mixed use project will be a catalyst for t additional downtown development. The bullding will eventually provide a new hotel,residential apartments, retail space and a refurbished parking garage(including parking for public use). SECTION • _ I hereby Celli- that the representations in This statement are true. SI n re of autho zed rzx,", Ted Date signed(mcnt2 day,year) l Manager _ 09/18/15 Page 1 of 2 i