HomeMy WebLinkAboutConfirming Tax Abatement - 4260 Ralph Jones Drive - LNW Partners, LLP, d/b/a We R Xhibits, IncRESOLUTION
3623-06
Passed by the Common Council of the City of South Bend, Indiana
August 14, 06
20
Attest: °~~ '
~.
City Clerk
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
August 15, 20 06
Approved and signed by me August 16 . 20IlSL.
City Clerk
RESOLUTION NO. ~ ~ Z~~
A RESOLUTION CONFIRMING THE ADOPTION OF A
DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS
WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY
KNOWN AS
4260 RALPH JONES DRIVE
AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
(7) SEVEN-YEAR REALPROPERTY TAX ABATEMENT FOR
LNW PARTNERS, LLP, d/b/a WE R XHIBITS, INC.
WHEREAS, the Common Council of the City of South Bend, Indiana, has
adopted a Declaratory Resolution designating certain areas within the City as Economic
Revitalization Areas for the purpose of tax abatement consideration; and
WHEREAS, a Declaratory Resolution designated the area commonly known as
(COMPANY ADDRESS), South Bend, Indiana, and which is more particularly described
as follows:
TOLL ROAD INDUSTRIAL PARK, SECTION 5, LOTS 12A AND 12B, GERMAN
TOWNSHIP, ST. JOSEPH COUNTY, INDIANA.
and which has Key Numbers 25-1013-0211.16 and 25-1013-0211.17, as an Economic
Revitalization Area; and
WHEREAS, notice of the adoption of a Declaratory Resolution and the public
hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5;
and
WHEREAS, the Council held a public hearing for the purposes of hearing all
remonstrance's and objections from interested persons; and
WHEREAS, the Council has determined that the qualifications for an economic
revitalization area have been met.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
South Bend, Indiana, as follows:
SECTION I. The Common Council hereby confirms its Declaratory Resolution
designating the area described herein as an Economic Revitalization Area for the
purposes of tax abatement. Such designation is for Real property tax abatement only and
is limited to two (2) calendar years from the date of adoption of the Declaratory
Resolution by the Common Council.
SECTION II. The Common Council hereby determines that the property owner is
qualified for and is granted Real property tax deduction for a period of (7) seven years,
and further determines that the petition, the Memorandum of Agreement between the
Petitioner and the City of South Bend, and the Statement of Benefits comply with
Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code
6-1.1-12 et sea.
SECTION III. This Resolution shall be in full force and effect from and after its
adoption by the Common Council and approved by the Mayor.
9
=• ,
Member of the C on Counci~
PRESENTED ~ ~ ~ ~
NOT APPROVED
ADOPTED ~~ ~~ ~O
~iic~ In Cierfc'S Office
J U L 1 9 2006
JOHN VOOO BEN'J, IN.
CITY CLE~!~,
1200 ~.0[JNl'Y-CITY 1~UILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46601-1830
PHONE 574/235-9371
Fax 574!235-9021
TDD 574/ 235-5567
July 17, 2006 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
COMMUNITY ~L ECONOMIC DEVELOPMENT
SHARON T. KENDALL
EXECUTIVE DIRECTOR
Council Member Roland Kelly, Chairperson
Community & Economic Development Committee
South Bend Common Council
4th Floor, County City Building
South Bend, IN 46601
RE: Commercial Real Property Tax Abatement Petition for:
LNW PARTNERS, LLP, d/b/a We R Xhibits, Inc.
Dear Council Member Kelly:
Please find attached the Department of Community & Economic Development's report on a commercial real
property tax abatement petition for the above-referenced petitioner for expansion of a facility located at 4260 Ralph
Jones Drive, South Bend. Also attached is a copy of the petition, Statement of Benefits form, and supporting
information.
The report contains the Department's findings relative to the above petition. The petitioner, LNW Partners, LLP,
proposes to construct a 13,500 square foot addition onto the existing 24,000 square foot building. The new structure
will permit the petitioner to store the clients' exhibit properties, as well as allow the firm to expand its manufacturing
area. The addition will also be used as an exhibit set-up area to facilitate production, refurbishing, and client
viewing. The total cost of the project is estimated to be $300,000. LNW Partners, LLP, is seeking a (7) seven-year
real property tax abatement, and a representative of LNW Partners, LLP, will be available to meet with the
Committee on Monday, July 24, 2006. Total taxes abated during the (7) seven-year abatement period is $40,914.
Should you or any of the other Council members have any questions concerning the report, or need additional
information, please feel free to call me at 235-5825.
Sincerely,
Sharon Terrell
Economic Development
Attachments
cc: South Bend Common Council Members
Mayor Stephen Luecke
Sharon Kendall
Don Inks
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM
PAMELA C. MEYER DONALD E. INKS MANAGEMENT'
574/235-9660 574/235-9371 EL1zASErH LEONARD
FAx: 574/235-9697 574/235-9371
1200 COUNTY-CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46601-1830
PHONE 574/235-9371
FAx 574/235-9021
TDD 574/ 235-5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
COMMUNITY $L ECONOMIC DEVELOPMENT
SHARON T. KENDALL
EXECUTIVE DIRECTOR
TAX ABATEMENT REPOR T
TO: SOUTH BEND COMMON COUNCIL
FROM: SHARON TERRELL
SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR:
LNW PARTNERS, LLP, d/b/a We R Xhibits, Inc.
DATE: July 17, 2006
On June 26, 2006, a petition for real property tax abatement consideration for property located at
4260 Ralph Jones Drive was filed with the City Clerk by LNW Partners, LLP. Pursuant to Chapter 2,
Article 6, Section 2-82 of the Municipal Code of the City of South Bend, this petition was referred to
the Department of Community and Economic Development for purposes of investigation and
preparation of a report determining whether the area qualifies as an Economic Revitalization Area
pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met.
The Department of Community and Economic Development has reviewed the petition (a copy of
which is attached}, investigated the area, and makes the following report.
PROJECT SUMMARY
LNW Partners, LLP, d/bfa We R Xhibits, Inc., is afull-service exhibit business that designs and
manufactures trade show exhibits. They provide a full line of services from the design and
manufacture of exhibits, to trucking the clients' exhibits to their destination, to setup and break down
of the exhibits and, finally, storage of the clients' trade show exhibits. The company plans to
construct a 13,500 square foot addition onto the existing 24,000 square foot building. The new
structure will permit the petitioner to store the clients' exhibit properties, as well as allow the firm to
expand its manufacturing area. The addition will also be used as an exhibit set-up area to facilitate
production, refurbishing, and client viewing. The estimated cost of the addition is $300,000. Total
taxes abated during the (7) seven-year abatement period is $40,914.
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HC PROGRAM
PahteLA C. MEYER DONALD E. INKS MANAGEMENT
574/235-9660 574/235-9371 E[tuaerH LEONARD
FAX: 5741235-9697 574/235-9371
South Bend Common Council
RE: Tax Abatement for LNW Partners, LLP
July 17, 2006
Page 2
EMPLOYMENT IMPACT
Per the petition, it is estimated that the total project will create (2) two new, permanent, full-time
jobs and (1) new, permanent, part-time job representing a new annual payroll of $88,500. The
project will also maintain (13) thirteen existing, permanent, full-time jobs and (1) one existing,
permanent, part-time job representing an annual payroll of $563,500.
ABATEMENT QUALIFICATION
1. A review of the tax abatements previously granted finds that the petitioner has not been granted
or associated with any previous tax abatements.
2. The Building Commissioner has reviewed the petition and finds the property to be properly
zoned for the proposed project.
3. A review of the South Bend Redevelopment designation areas finds that the property is located
in the Airport Economic Development Area, which is a Tax Incremental Allocation Area;
therefore, the petition for real property tax abatement must first be approved by the South Bend
Redevelopment Commission.
4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner does meet the
qualifications fora (7) seven-year real property tax abatement under Section 2-82, Industrial
Development City-Wide.
CITY OF SOUTH BEND
PETITION FOR REAL PROPERTY TAX ABATEMENT CONSIDERATION
The undersigned owner(s) of real property, located within the City of South Bend,
hereby petition the Common Council of the City of South Bend for real property tax
abatement consideration and pursuant to I.C., 6-1.1-12.1-1, et seq., and South Bend
Municipal Code Sec. 2-76 et sea.' for this petition states the following:
1. Describe the proposed redevelopment or rehabilitation project, including information
about physical improvements to be made, the proposed use of the improvements,
and a general statement as to the importance of the project to your business:
The proposed project will be to construct a 13,500 sq. ft. structure which will attach to our
existing 24,000 sq. ft. building.
We will be using the new structure for storage of our clients' exhibit properties. It will also
be used as an exhibit set-up area to facilitate production, refurbishing, and client viewing.
At the present time, we do not have the space to house our office staff, shop production and
client storage. We are currently leasing warehousing from third party providers. This
creates security and logistic issues for our clients. The lack of available space is also a
hindrance to our future growth.
Existing: 24,000 sq. ft.
Land Size 3.21 Acres; Building Size With Addition: 37,500 sq. ft.
2. Describe the overall nature of the business and of the operations occurring at the
Property (attach additional sheet if more space is needed):
LNW Partners, LLP was formed in 1995 as a real estate holding company. The partnership
has two general partners, William F. Henningfeld and Patricia J. Henningfeld (husband and
wife). In July 2004,LNW Partners, LLP purchased the real estate at 4260 Ralph Jones Drive
from Uni-Partners, LLP. This real estate, in turn, was leased to We R Xhibits, Inc.
We R Xhibits, Inc. (lam was formed in March, 2003. It is a Sicb-Chapter S Corporation
owned 100% by William F. Henningfeld. WRX is a full service exhibit house (see brochure -
Exhibit D). We service our customer base at venues throughout the United States, as well as
internationally. We have grown from $800,000 in sales in 2003, to over $2 Million in sales
in 2005. At start-trp we employed five people, but by 2003 year-end, we increased our staff
to eight. Currently, we employ thirteen full-time and one part-time associates.
3. Estimate the dollar value of the project (excluding land): $ 300,000.00
4. The current assessed valuation of the real property before rehabilitation,
redevelopment, economic revitalization, or improvement: $ 583,800.00
1
5. (a) The real property for which tax abatement consideration is petitioned (Property)
is owned or to be owned by the following individuals or corporation (if the business
organization is publicly held, indicate also the name of the corporation parent, if any
and the name under which the corporation has filed with the Securities and
Exchange Commission):
NAME ADDRESS INTEREST (%)
LNWPartners, LLP 4260 Ralph Jones Drive 100%
South Bend, IN 46628
(b) The following other person(s) lease, intend to lease, or have an option to buy
the Property (include corporate information as required in 5(a) above, if applicable):
NAME ADDRESS INTEREST(%)
We R Xhibits 4260 Ralph Jones Drive 100%
South Bend, IN 46628
6. The commonly known address of the Property is: 4260 Ralph .Tones Drive
South Bend, IN 46628
7. The .Key Number(s) of said property is: 25-1013-021117
25-1013-021116
8. A legal description of the above address is attached hereto, marked Exhibit A, and
incorporated herein.
9. A map and/or plat describing the Property is attached hereto, marked Exhibit B, and
incorporated herein.
10. Photographs of the property, taken within two (2) weeks of filing of this petition, are
attached hereto, marked Exhibit C, and incorporated herein.
11. The development or rehabilitation project itself will create 2 full-time and
1 part-time permanent jobs within the first year, representing a new annual
payroll of $ 88,500.00 and will maintain 13 existing permanent full-time
and 1 existing permanent part-time jobs including existing permanent full-
time minority employment of 1 and existing permanent part-time minority
employment of 0 with an annual payroll of $ 563,500.00
12.The projected annual salaries for each new position indicated above are estimated
to be as follows (If more space is needed, please attach a separate sheet):
Full-Time
Laborers $ 30,000.00 $
Technical $ 40,000.00 $
Managerial $ n/a $
Administrative $ n/a $
Part-Time
n/a
n/a
18,500.00
n/a
2
13. Provide current employment wage information including: base rate, cost-of-living
allowances, hazardous-duty pay, incentive pay including commissions and
production bonuses, on-call pay and tips. Do Not Include: back pay, jury duty pay,
overtime pay, severance pay, shift differentials, non-production bonuses, and tuition
reimbursements (average hourly rate or range):
Full-Time Part-Time
Laborers $ 30,000-35,000.00 $ n/a
Technical $ 40,000-45,000.00 $ n/a
Managerial $ 45,000-50,000.00 $ 20,000-25,000.00
Administrative $ 25,000 - 30,000.00 $ n/a
14. Indicate whether your company provides the following benefits (use Y/N):
Y Health Care Benefits
Y Pension Plan
Y Employer Provided Training (recognized or certified training/educational
courses or programs)
N Day Care (provide or contribute to the cost of child day care for its
employees)
N Transportation Assistance (provided direct or indirect support and
assistance to its employees without private transportation to get back
and forth from residence to place of employment)
N Employer-Assisted Housing Program (provide an employer-assisted
Home ownership program)
N Targeted Hiring Preference (provide hiring preference for residents of
Census Tracts designated by the Community & Economic Development
Dept. that have the highest unemployment or the highest percentage of
low and moderate income individuals).
(Additional information may be requested for verification of the above items)
15. List the real and personal property taxes paid at the location during the previous five
years, whether paid by the current owner or a previous owner:
Year Real Property Taxes Personal Property Taxes
2006 $ 23, 475.96 $ 2,173.92
2005 $ 22,293.26 $ 1,023.24
2004 $ 22,308.17 n/a
2003 $ 41,927.60 n/a
2002 $ 25, 985.26 n/a
(This information may be obtained from the St. Joseph County Treasurers office
235-9531).
3
16. Please list the number of full-time and part-time minority employees for each of the
last three years: '
Year 2006 2005
Black
Full Part Full Part
2004
Full Part
Hispanic
Asian 1 1 0
Indian
Other
17. Does your business maintain an affirmative action plan or other similar plan in order
to achieve racial diversity? If yes, please briefly indicate specific goals, objectives,
and means as designated by your plan: No
18.Indicate whether or not your project meets any of the following criteria (contact
Community & Economic Development Dept. 235-9335 for information on this
section):
N Conversion to residential use of a commercial Eligible Building as
designated by the Community & Economic Development Dept.
N Rehabilitation of a building that is either designated as a National
Register or local landmark or is eligible for nomination as one, located
In a National Register or local landmark district, or rated as Outstanding
or Significant in the most recent Historic Preservation Commission
country-wide survey
N Rehabilitation and reuse of a property that is designated a Problem
Property by the Community and Economic Development Department
N Pays for the cost of cleaning up a Brownfield, which is any site, building
facility or complex that has been designated a Brownfield by the
Community and Economic Development Department.
Y Achieves a physical element identified in a development or revitalization
Plan that has been approved by the Council
4
19. Is your business based upon licensing intellectual property from research conducted
at a public or private university, college or community college located within St.
Joseph County, Indiana? If yes, please include a description of the research based
aspects of the business (attach additional sheet if more space is needed): No
20. Does your business financially support a Municipal Facility (i.e. municipally owned
park, recreation center, cultural arts, or entertainment facility)?
(1) Northern Indiana Historical Museum
(2) Broadway Theatre League
(3) College Football Hall of Fame
21.Is your company incurring any of the cost of extension or oversizing of municipal
infrastructure serving the project site? This includes water, sewer, drainage
facilities, wastewater treatment facilities, road and street improvements, street
lighting, traffic control and related public improvements (attach additional sheet if
more space is needed): No
22.Information is required on the companies through which construction materials will
be purchased for the project. (Please complete the table on page 8 of this
application). See Table
23. Information is required on the construction companies that will be utilized for
construction of the project. (Please complete the table on page 9 of this application).
See Table
24. No building permit has been issued for construction on the property in connection
with the improvement in question as of the date of filing of this petition. (The
Property Owners signature at the end of this application is verification of this
statement). Agreed
5
25.The Standard Industrial Classification (SIC) or North American Industry
Classification Systems (NAILS) major group within which the proposed project
would be classified, by the number and description: 5963
26.The Internal Revenue Service Code of Principal Business Activity by which the
proposed project would be classified, by number and description: 454390
27. The current use of the Property is Light Industrial and Storage and the
current zoning is Commercial (use) and - (height and area).
(This information may be obtained from the Building Department 235-9554).
28. Has your business been granted previous tax abatement(s)? If yes, please provide
type (real and/or personal property) and date of approval. No
29.Other anticipated public financing for the project including, if any, industrial revenue-
bonding to be sought or already authorized, assistance through the United States
Department of Housing and Urban Development funds form the City of South Bend,
Small Business Association Sections 503 and 504 financing through the Business
Development corporation of South Bend, Mishawaka, and St. Joseph County,
Indiana, Industrial Revolving Fund, Neighborhood Business Development
Corporation, Corporation for Entrepreneurial Development; or other public financial
assistance, including but not limited to public works improvements.
Small Business Association Sections 503/504 financing through the Business Development
Corporation of South Bend.
30.The following person(s) should be contacted as Petitioner=s agent regarding
additional information and public hearing notifications:
Name:
Address:
City, State, Zip:
Telephone:
William F. Henninfeld
4260 Ralph Jones Drive
South Bend, IN 46628
(574) 271-4860
6
31. Please indicate the name, address, and telephone number of the person who will
work with Employment Training Services (ETS) for employee recruitment, and sign
the ETS form attached to the petition if the real tax abatement is for warehouse or
industrial developments.
Name: William F. Henninfeld
Address: 4260 Ralph Jones Drive
City, State, Zip: South Bend, IN 46628
Telephone: (574) 271-4860
WHEREFORE, Petitioner requests that the Common Council of the City of South Bend,
Indiana, adopt a declaratory resolution designating the area described herein to be an
economic revitalization area for purposes of tangible real property tax abatement
consideration, and after publication of notice and public hearing, determine
qualifications for an economic revitalization area have been met, and confirm such
resolution. Petitioner herein hereby verifies that the required $250.00 filing fee to cover
processing and administrative costs pursuant to Section 2-87.7 of the Municipal Code of
the City of South Bend has been paid in full.
Name of Property Owner(s):
LNW Parrners, LLP
William F. Henningfel
~~{~d nIl ~OT~~'~ Q~`~iCL
JUN 2 6 2006
BONN VOOFIDE
C17Y CLECK, sD. D~ND,1N.
7
22. In the following chart please indicate companies that were used for purchasing materials used in the construction or
rehabilitation associated with the project. Include the location of the company, description of the materials, and cost of
the materials. Additional information may be requested for verification of this information. (If more space is needed,
please photocopy this page)
Name and Address of Company Description of Materials Cost of Materials
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Mid-State Construction, Inc. Pre-engineered Metal Building Approximately $300, 000
53697 CR 9 North Erected on a concrete slab with 2 feet
PO Box 667 Masonry on all non-expandable side; .
Elkhart, IN 4651 S Includes fire protection, & mechanical and
Electrical fixtures.
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23.In the following chart please list the companies that will be used for the construction or rehabilitation associated with
the project. Indicate the name and address of each company; list the dollar amount of the work to be provided by each
company; indicate whether or not 100% of the workers are employees of that company or independent contractors;
indicate whether or not the company pays workers wages that meet the wage rates for each classification of laborers
and mechanics published by the U.S. Department of Labor; indicate whether or not the company contributes to a
health plan for its employees; indicate whether or not the company contributes to a pension plan for its employees;
and indicate whether or not the company maintains an affirmative action plan or other similar plan to achieve racial
diversity. Additional information may be requested for verification of this information. (If additional space is needed,
please photocopy this page).
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Construction Company Cost of All Workers Pay Contribute Contribute Maintain
Name and Address Work Employees or Wage to a to a Affirmative
independent Rate Health Plan Pension Plan Action Plan
contractors /n /n /n /n
c
Mid-States Construction, Inc. $300, 000 Employees -100% Y Y Y N
53697 C.R. 9 North
Elkhart, IN 4651 S
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LNW Partners, LLC
(We R Xhibits, Inc.)
Public Benefit Points Summary
Q ualify
Public Benefit Item: Y or N
Project Related:
1. A. Redevelop a Site that has Special Needs N
B. Develop Based on Local University Research N
C. Achieve a Physical Element of a Plan Y
• Sub-total Project Related:
2. Super Size Proiects (point values are cumulative):
A. 100% to 199% (choose only one) Y
B. 200% to 299% N
C. 300% to 399% N
D. 400% and Over N
Sub-total Super Size Projects:
3. Construction Related:
A. Employ Local Companies Y
B. Purchase Materials from Local Companies Y
C. Require Employees vs. Independent Contractc Y
D. Require Target Wage Levels Y
E. Require Health Benefits Y
F. Require Pension Benefits Y
G. Maintain Affirmative Action Plan N
Sub-total Construction Related:
4. Wage 8 Benefit Related:
A. Pay Target Wage Levels Y
B. Provide Health Benefits Y
C. Provide Pension Benefits Y
D. Provide Training Y
E. Provide Child Care N
F. Provide Transportation Assistance N
G. Provide Employer Assisted Housing program N
Sub-total Wage & Benefit Related:
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z
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5. Workforce Related:
A. Create New Jobs Y
B. Retain Existing Jobs Y
C. Maintain Affirmative Action Plan N
D. Provide Targeted Hiring Preference N
Sub-total Workforce Related:
6. Pav for Municipal Infrastructure: (not cumulative, choos e only one)
A. Pay for Oversizing or Upgrading N
B. Pay for 26-50% of Extension Cost N
C. Pay for 51-75% of Extension Cost N
D. Pay for 76-100% of Extension Cost N
Sub-totallnfrastructure Related:
7. Support a Municipal Facility:
A. Support a Municipal Facility Y
Total Public Benefit Points:
Earned
Points
0
0
36
31-Aug-04
Available
Points
49
35
36
36
25
0
0
0
25
68
65
52
25
20
20
19
22
22
18
0
121
33
34
29
28
0
0
0
124
42
41
0
0
83
210
20
20
19
22
22
18
20
141
33
34
29
28
15
14
9
162
42
41
35
34
152
0 14
0 26
0 39
0 52
0 52
84 84
473 921
' Qualification for each Public Benefit Item based on best available information at time of application or
good faith determination if no information available.
F.4RR/NGTONAPPRA/SALS, /NC.
4260 RALPH JONES DR.
SOUTH BEND, /N
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Detailed Location Ma
Relating back to the subject, the local industrial real estate market is expected to improve over the
next 24 months. The location of the subject is favorable on the northwest side of South Bend, with
access to the airport, major roadways, and municipal utilities. The subject offers a functional
industrial building in today's market relative to size and overall construction type and quality. The
building is in average condition, with no signs of deferred maintenance. Uverall, the level of risk
associated with ownership of the subject real estate seems low when compared to older or less
functional industrial properties. Therefore, the subject is considered competitive in the current local
market.
Legal Description
The subject is legally described in assessment records as Toll Road Industrial Park, Section 5, Lots
12A and 12B, German Township, St. Joseph Co., Indiana. The plat map to follow shows the
overall location and configuration of the subject lots. Assessment records indicate that the subject
lots provide a combined land area of 3.21 acres, subject to the completion of a professional boundary
survey.
G>i~r~i' ~ ®~~i~~
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Tax Abatement Schedule prepared for: ~$-Jul-os
LNW PARTNERS, LLP, d/b/a W R XHIBITS, INC.
South Bend German Township 7 Year Real Property Abatement Schedule'
Total estimated Project Cost: $300,000
Base Assessed Value: $255,000
(bas e assessed value is estimated at 85% of proj ect cost)
Assume constant tax rate of: 5.1376%
Assume constant SRTC of: 21.7293%
Assessed Gross Less Net Percent Tax Tax
Year Value Tax SRTC Tax Abated Abated Paid
1 $255,000 $13,101 $2,847 $10,254 100% $10,254 $0
2 255,000 13,101 2,847 10,254 85% 8,716 1,538
3 255,000 13,101 2,847 10,254 71% 7,280 2,974
4 255,000 13,101 2,847 10,254 57% 5,845 4,409
5 255,000 13,101 2,847 10,254 43% 4,409 5,845
6 255,000 13,101 2,847 10,254 29% 2,974 7,280
7 255,000 13,101 2,847 10,254 14% 1,436 8,818
$71,778 $40,914 $30,864
Total Taxes Due During Abatement: $71,778
Total Taxes Abated During Abatement: 40,914
Total Taxes Paid During Abatement: 30,864
-This schedule is for estimation purposes only and assumes constant tax rates.
The true tax values will ultimately be determined by the actual
assessed valuation and the then current tax rates.
LNW PARTNERS, LLP, d/b/a WE R XHIBITS, INC.
Additional Years of Abatement
Mulitfamily Development Projects:
From To Additional Years
0 141 0
142 183 1
184 225 2
226 267 3
268 309 4
310 351 5
352 393 6
394 & over 7
Other Development Projects:
From To Additional Years
0 300 0
301 357 1
358 414 2
415 471 3
472 528 4
529 585 5
586 642 6
643 921 7
Subtotal from Points Summary: 473
Base Years of Abatement 3
Additional Years of Abatement: 4
Total Years of Abatement: 7
Map of 4260 Ralph Jones Ct South Bend, IN by MapQuest
4260 Ralph Jones Ct
South Bend, IN 46628-9793, US
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its suppliers assume no responsibility for any loss or delay resulting from such use.
http: //www.mapquest.com/maps/map.adp?formtype=address&addtohistory=&address=4260%20Ralph%20Jo... 7/7/2006
Map of 4260 Ralph Jones Ct South Bend, IN by MapQuest
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All rights reserved. Use SubLct to License/Cop ri ht
This map is informational only. No representation is made or warranty given as to its content. User assumes all risk of use. MapQuest and
its suppliers assume no responsibility for any loss or delay resulting from such use.
http://www.mapquest.com/maps/map.adp?formtype=address&addtohistory=&address=4260%20Ralph%20Jo... 7/7/2006