Confirming Tax Abatement - 4260 Ralph Jones Drive - LNW Partners, LLP, d/b/a We R Xhibits, Inc

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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