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4785-19 31 Nimtz Land Confirming Real Property Tax Abatement
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4785-19 31 Nimtz Land Confirming Real Property Tax Abatement
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5/16/2019 12:42:12 PM
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5/16/2019 12:42:08 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
5/13/2019
Ord-Res Number
4785-19
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TAX ABATEMENT REPORT <br /> TO: South Bend Common Council <br /> FROM: Angelina Billo <br /> SUBJECT: Real Property Tax Abatement Petition For: <br /> 31 Nimtz Land,LLC (an affiliate of Holladay Properties) <br /> DATE: April 1, 2019 <br /> On April 1, 2019, a petition for real property tax abatement consideration for property located at 24605 <br /> Cleveland Road, South Bend, IN was filed with the City Clerk by 31 Nimtz Land, LLC. Pursuant to <br /> Chapter 2, Article 6, Section 2-84.2 of the Municipal Code of the City of South Bend,this petition was <br /> referred to the Department of Community Investment for purposes of investigation and preparation of a <br /> report determining whether the area qualifies as an Economic Revitalization Area pursuant to <br /> I.C.6-1.1-12.1 and 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 /> • 31 Nimtz Land, LLC (an affiliate of Holladay Properties) is proposing to invest more than <br /> $12,000,000 in the construction of approximately 225,000 sq.ft. speculative industrial facility to <br /> be located on the NW corner of US 31 and Nimtz Parkway. <br /> • The new facility will attract companies that are either expanding their operations or establishing <br /> new operations in South Bend.The building will have 40 dock positions to accommodate modern <br /> distribution users. <br /> • Total project cost excluding equipment is approximately$12,940,000. <br /> • Petitioner is qualified for a six-year real property tax abatement. <br /> • The estimated amount of taxes phased-in for the six-year abatement is$1,785,826. Estimated paid <br /> taxes paid for the six-year term are$149,218. Current annual taxes are under$6,500. <br /> Holladay Properties,a parent of 31 Nimtz Land,is a full-scale land development,design/build,and fully- <br /> integrated real estate company, and property management firm. The company has developed over 20 <br /> million square feet of commercial space and actively manage over 14.3 million square feet of office, <br /> industrial,retail,multi-family,hotel,and healthcare space.Their medical office management portfolio is <br /> one of the largest in the country. <br />
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