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1200 COUNTY-CITY BUILDING <br />227 W.,JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />SHARON T. ICENDALL <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPOR T <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: SHARON TERRELI~ <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />BLK, LLC d/b/a OLD FORT BUILDING SUPPLY <br />DATE: August 18, 2006 <br />On July 19, 2006, a petition for real property tax abatement consideration for property located <br />adjacent to 1401 South Main Street (vacant lot) was filed with the City Clerk by BLK, LLC. <br />Pursuant to Chapter 2, Article 6, Section 2-82 of the Municipal Code of the City of South Bend, this <br />petition was referred to the Department of Community and Economic Development for purposes of <br />investigation and preparation of a report determining whether the area qualifies as an Economic <br />Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition (a copy of <br />which is attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />Old Fort Building Supply is a major supplier of construction materials to the Michiana area. The <br />main product lines are brick, architectural block, stone, landscaping pavers, drywall, acoustical <br />ceilings and related products. The company plans to renovate acity-owned, vacant lot into a paved <br />and fenced outdoor storage yard for masonry products. The additional storage is Phase I of afour- <br />phase expansion plan at Old Fort. The estimated cost of the addition is $200,000. Total taxes abated <br />during the (3) three-year abatement period is $13,649. <br />Additionally, Old Fort Building Supply is located in the Urban Enterprise Zone and may qualify for <br />the Enterprise Zone Investment deduction. This is a new, 10-year deduction which covers 100% of <br />assessed value from new investment, but requires the company to contribute 25% of savings to the <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />5?4/235-9660 574/235-9371 E~~zsserH LEONARD <br />FAX: 574/235-9697 574/235-9371 <br />