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I200 COUNTY -CITY BUILDING 22'7 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 466oi -1830 PHONE 574/ 23 5-9371 FAX 574/ 235-9021 CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR COMMUNITY & ECONOMIC DEVELOPMENT TAX ABATEMENT REPORT TO: SOUTH BEND REDEVELOPMENT COMMISSION FROM: KATHY HAHN SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: THE TIRE RACK, INC. DATE: April 4, 2012 On April 4, 2012, a petition for real property tax abatement consideration for property located at 7101 Vorden Parkway was filed with the City Clerk by The Tire Rack, Inc. Pursuant to Chapter 2, Article 6, Section 2 -84.2 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 Tire Rack, Inc. is a mail order and e- commerce firm engaged in the business of selling performance tires, wheels, and accessories for passenger automobiles and light duty trucks. The petitioner would like to construct a 36,000 square foot building which will enable the expansion of Technological Resources and assets to further the growth and development of their e- commerce Product Distribution business. The estimated dollar value of the project, excluding land, is $6,500,000. Information about the construction contractors is not yet known but will be available prior to the date set for granting the confirming resolution. The company will qualify for a three to five year real property abatement. Total taxes to be abated during a (5) five -year abatement period are estimated at $496,345. Total taxes to be aLid during a (5) five -year abatement period are estimated at $471,939. Total taxes to be COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT PAMELA C. MEYER DONALD E. INKS 574/235-966° 574/235-9371 FAX: 574/215-9469