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I2o0 COUNTY-CITY Bun DING lif`lil�O <br /> 227 w JPFFERSON BOULEVARD �\ �� P FAX 574 23-9021 <br /> /� <br /> �� Fax 57 23--9o2x <br /> SoaTFr 1}3:Nn,INDIANA ¢66ox-1830 <br /> 1865 <br /> CITY OF,7ouTH BEND PETE BUTTIGIFG, MAYOR <br /> COMMUNITY & ECONOMIC DEVELOPMENT <br /> TAX ABATEMENT REPORT <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: KATHY HAHN <br /> SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> THE TIRE RACK, INC. <br /> DATE: April 4, 2012 <br /> On April 4, 2012, a petition for real property tax abatement consideration for property located at <br /> 7101 Vorden Parkway was filed with the City Clerk by The Tire Rack, Inc. Pursuant to Chapter 2, <br /> Article 6, Section 2-82 of the Municipal Code of the City of South Bend,this petition was referred to <br /> the Department of Community and Economic Development for purposes of investigation and <br /> preparation of a report determining whether the area qualifies as an Economic Revitalization Area <br /> 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,investigated <br /> the area, and makes the following report. <br /> PROJECT SUMMARY <br /> The Tire Rack, Inc. is a mail order and e-commerce firm engaged in the business of selling <br /> performance tires, wheels, and accessories for passenger automobiles and light duty trucks. The <br /> petitioner would like to construct a 36,000 square foot office building which will enable the <br /> expansion of Technological Resources and assets to further the growth and development of their e- <br /> commerce Product Distribution business. The estimated dollar value of the project,excluding land, <br /> is $6,500,000. <br /> Information about the construction contractors is not yet known but will be available prior to the date <br /> set for granting the confirming resolution. The company will qualify for a three to five year real <br /> property abatement. Total taxes to be abated during a(5)five-year abatement period are estimated at <br /> $496,345. Total taxes to be paid during a(5)five-year abatement period are estimated at$471,939. <br /> COMMUNITY I pwi.OPMEnT EcoNUMIc D&VF3.OPMENr <br /> PAMELA C.MEYER <br /> DONALD E.IIV3C5 <br /> 5741235-9660 574/235-4371 <br /> Fax; 5741235-9469 <br />