19-31 31 Nimtz Land Confirming Real Property Tax Abatement

Home Browse Search

TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Angelina Billo SUBJECT: Real Property Tax Abatement Petition For: 31 Nimtz Land,LLC (an affiliate of Holladay Properties) DATE: April 1, 2019 On April 1, 2019, a petition for real property tax abatement consideration for property located at 24605 Cleveland Road, South Bend, IN was filed with the City Clerk by 31 Nimtz Land, 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 • 31 Nimtz Land, LLC (an affiliate of Holladay Properties) is proposing to invest more than $12,000,000 in the construction of approximately 225,000 sq.ft.speculative industrial facility to be located on the NW corner of US 31 and Nimtz Parkway. • The new facility will attract companies that are either expanding their operations or establishing new operations in South Bend.The building will have 40 dock positions to accommodate modem distribution users. • Total project cost excluding equipment is approximately$12,940,000. • Petitioner is qualified for a six-year real property tax abatement. • The estimated amount of taxes phased-in for the six-year abatement is$1,785,826. Estimated paid taxes paid for the six-year term are$149,218. Current annual taxes are under$6,500. Holladay Properties,a parent of 31 Nimtz Land,is a full-scale land development,design/build,and fully- integrated real estate company, and property management firm. The company has developed over 20 million square feet of commercial space and actively manage over 14.3 million square feet of office, industrial,retail,multi-family,hotel,and healthcare space.Their medical office management portfolio is one of the largest in the country.