19-29 GLC Portage Prairie IV Confirming Real Property Tax Abatement

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Angelina Billo SUBJECT: Real Property Tax Abatement Petition For: GLC Portage Prairie IV, LLC DATE: April 1, 2019 On March 29, 2019, a petition for real property tax abatement consideration for property located at NE corner of Adam Road and U.S.31 Bypass,South Bend,IN was filed with the City Clerk by GLC Portage Prairie IV, LLC. 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 Investment 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 Investment has reviewed the petition,investigated the area,and makes the following report. PROJECT SUMMARY • GLC Portage Prairie IV, LLC is proposing to invest more than$7,000,000 in the construction of approximately 166,000 sq. ft. speculative industrial facility to be located on the NE corner of Adam Road and U.S. 31 Bypass, South Bend. • The new facility will attract companies that are either expanding their operations or establishing new operations in South Bend. The building will be designed as a modem cross docked facility with great access to the interstate with highway visibility. The new facility will provide much needed move in-ready inventory to market with extremely low vacancy and lack of bulk warehouse options. • Total project cost excluding equipment is approximately$7,370,000. • Petitioner is qualified for a six-year real property tax abatement. • The estimated amount of taxes phased-in for the six-year abatement is$962,891. Estimated paid taxes paid for the six-year term are$78,823. Current annual taxes are under$3,500.