4779-19 CBK Land Development 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: CBK Land Development LLC DATE: April 1, 2019 On March 25,2019, a petition for real property tax abatement consideration for property located at 5245 Dylan Drive,South Bend,IN was filed with the City Clerk by CBK Land Development,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 • Chase Plastics, a leading North American full-service specialty engineering thermoplastics distributor serving plastic processors throughout North and Central America,is planning to expand its current 126,000 sq.ft. distribution center by an additional estimated 80,000 sq.ft. Business conditions have put operations at near capacity causing the need to expand and maximize the use of the previously purchased land.With this expansion,the company will add additional truck dock doors and increase its overall storage capacity by 65%. • The estimated project cost is $3.5millon. • Petitioner is qualified for a seven-year real property tax abatement. • The estimated amount of taxes phased-in for the seven-year abatement is $469,961. Estimated paid taxes paid for the seven-year term are $118,039. Chase Plastics is the only tenant leasing from the ownership entity of CBK Land Development,LLC. The ownership of these two entities are closely related.The company moved into the newly constructed facility in Ameriplex 80/90 area back in 2015.This location is exceptional for a distribution operation. Due to its proximity to the intersection of the Interstate 80/90 and US Highway 31, it allows Chase Plastics to transport goods in all directions in a very efficient manner.