Confirming Tax Abatement - 202 South Michigan Street - Various Floors - Key Bank, LLC (The Hinman Company)

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TAX ABATEMENT REPOR T TO: SOUTH BEND COMMON COUNCIL FROM: BOB MATHIA SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: KEY SB, LLC (The Hinman Company) DATE: May 1, 2007 On April 16, 2007, a petition for real property tax abatement consideration for the renovation of property located at 202 S. Michigan Street was filed with the City Clerk by Key SB, LLC (The Hinman Company). Please Note: The application includes a request for a waiver for part of the renovation work that has already received hvo building permits. All of the work authorized under one of those permits has been completed. 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, investigated the area, and makes the following report. PROJECT SUMMARY The rehabilitation project includes interior office space remodeling and exterior renovation to the Key Tower Building as well as renovation to the adjacent Plaza .Courtyard. The office space remodeling includes the build out of 32,952 sq. ft. on the 11`n, 12`n, 13`n and 14`n floors for the new tenant, Bakers & Daniels. It also includes the build out of 3,300 sq. ft. of office space on the 9`n floor, necessary to relocate tenant, Stiffel, Nicolaus & Company, for the B&D move in. Finally, the ground floor lobby of the building will be renovated to provide additional and improved entry space. Exterior renovations include installing new "Key Bank" and "Baker & Daniels, LLC" signage near the top of the building, the addition of facade and coloring to the building and installing an awning to the north side of the building. The Plaza Courtyard improvements will include a green space. These