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Filed in Clerk's Office <br /> JAN 2 3 2019 <br /> KAREEMAH FOWLER <br /> TAX ABATEMENT REPORT CLERIC,SOUTH BEND,IN <br /> TO: South Bend Common Council <br /> FROM: Daniel Buckenmeyer,Director of Business Development <br /> SUBJECT: VACANT, REAL & PERSONAL PROPERTY TAX ABATEMENT <br /> PETITION FOR: <br /> SWGS Properties,LLC <br /> DATE: . January 23, 2019 <br /> On Monday, January 14, 2019, a petition from SWGS Properties, LLC was received and <br /> subsequently filed with the City Clerk for vacant,real and personal property tax abatements <br /> consideration for property located at 2920 W Sample Street, South Bend, IN 46619. <br /> Pursuant to Chapter 2,Article 6,Section 2-84.2 of the Municipal Code of the City of South <br /> Bend,this petition was referred to the Department of Community Investment for purposes <br /> of investigation and preparation of a report determining whether the area qualifies as an <br /> Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning <br /> requirements have been met. <br /> The Department of Community Investment has reviewed the petition (a copy of which is <br /> attached), investigated the area, and makes the following report. <br /> PROJECT SUMMARY <br /> > Building purchase price of$765,000 with an additional$500,000 in planned private <br /> investment for building upgrades to operate a manufacturing and distribution <br /> facility including modem roof, flooring, and loading docks. <br /> > There are two parcels including a vacant building and land that have not been <br /> utilized for close to 5 years. Currently, the building has leaks and requires <br /> immediate repairs and renovation. <br /> > Additional private investment in personal property/capital equipment with purchase <br /> price of$700,000.The industrial equipment is for forming hot and cold rolled metal <br /> products. <br /> > Estimated taxes phase-in and paid: <br /> Property Estimated Total Taxes Est.Taxes Phase-In Est.Taxes Paid <br /> Vacant—6Y $125,569 $104,096 $21,473 <br /> Renovation-6Y $82,952 $68,767 $14,185 <br /> Equipment—5Y $60,437 $40,119 $20,318 <br /> Total: $268,958 $212,982 $55,976 <br />