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Filed in Vet-Vs OtIc <br /> \--RR032019 <br /> TAX ABATEMENT REPORT �_r _- <br /> TO: South Bend Common Council <br /> FROM: Angelina Billo <br /> SUBJECT: Real Property Tax Abatement Petition For: <br /> Catalyst Three,LLC <br /> DATE: April 1, 2019 <br /> On March 29, 2019, a petition for real property tax abatement consideration for property located in the <br /> Ignition Park,South Bend was filed with the City Clerk by Catalyst Three,LLC. Pursuant to Chapter 2, <br /> Article 6,Section 2-84.2 of the Municipal Code of the City of South Bend,this petition was referred to the <br /> Department of Community Investment for purposes of investigation and preparation of a report <br /> determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and <br /> whether all zoning requirements have been met. <br /> The Department of Community Investment has reviewed the petition,investigated the area,and makes the <br /> following report. <br /> PROJECT SUMMARY <br /> • Catalyst Three, LLC is proposing to invest more than $16,000,000 in the construction of <br /> approximately 83,000 sq. ft.new office space in the Ignition Park, South Bend. <br /> • The new office building is intended to serve as an instrumental factor in retaining a highly valued <br /> employer within the City of South Bend. <br /> • Total project cost is approximately$16,000,000. <br /> • Petitioner is qualified for an eight-year real property tax abatement. <br /> • The estimated amount of taxes phased-in for the eight-year abatement is$2,373,722. Estimated <br /> paid taxes paid for the eight-year term are$418,898. Current annual taxes are under$1,500. <br /> EMPLOYMENT IMPACT <br /> As the developer,Catalyst Three,LLC will not have direct employees.However,this site/building is being <br /> built-to-suite a very important South Bend corporation that DCI has been working with for the last five <br /> years to retain and grow in South Bend.The benefits of this tax incentive will directly impact the retention <br /> of, at least, 500 full-time jobs in the City of South Bend. <br />