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<br />~,, Community and Economic Development Committee
<br />2008 South Bend Common Council
<br />The January 14, 2008 meeting of the Community and Economic Development
<br />Committee of the South Bend Common Council was called to order by its Chairperson
<br />Council Member Derek Dieter at 3:30 p.m. in the Council's Informal Meeting Room.
<br />Persons in attendance included Council Members Dieter, Varner, Davis, White, Kirsits,
<br />LaFountain, Davis, Rouse and Puzzello; Acting Mayor Charles Leone, Mrs. Kopola,
<br />Martha Lewis, Bob Mathia, Marty Wolfson, Derek Spier, Ann Kolata, Jamie Wade Ruic,
<br />Alison Levey, Jay Walters, Joe Grable, unidentified members of the public, Jamie Loo of
<br />the South Bend Tribune and Kathleen Cekanski-Farrand, Council Attorney.
<br />Council Member Dieter noted that the Committee members include Council Members
<br />Henry Davis, Ann Puzzello, Karen White and himself as Chairperson.
<br />Bill No. 07-80: Resolution Confirming a 9-Year Real Property Tax Abatement for
<br />Key SB, LLC, the Hlnman Company:
<br />Council Member Dieter called for a presentation on Bill No. 07-80 which would confirm
<br />the adoption of a declaratory resolution declaring 202 South Michigan, Floors 1,2,4,5,9
<br />and 11 to 14 as an economic revitalization area for purposes of a 9-year real property
<br />tax abatement for Key SB, LLC, the Hlnman Company.
<br />Bob Mathia of the Economic Development Department noted that the Council approved
<br />the Declaratory Resolution this past summer, and that negotiations on the
<br />Memorandum of Understanding have been ongoing. The MOA has been approved by
<br />all parties (copy attached). Mr. Mathia then summarized his report of May 1, 2007
<br />(copy attached) which noted that the rehabilitation project will total $5,951,680. The
<br />project will create four (4) new permanent full-time jobs in the first year with a new
<br />annual payroll of $406,000. The project will maintain forty-nine (49) existing, full-time
<br />jobs which have an annual payroll of $2,986,470.
<br />Jamie Wade Ruic, an agent for the Hinman Company, made the formal presentation.
<br />She noted that Key Bank will be 90% occupied once the project is completed, compared
<br />to a 65% occupancy prior. They are working to backfill the former space in the old 1St
<br />Source Building. She noted that tax abatement has made this all possible.
<br />Dr. Varner inquired about the taxes to be abated, noting that in the past approximately
<br />50% would be abated for such projects. He asked for written substantiation of the
<br />figures set forth in the May 1, 2007 report.
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