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®CITY OF SOUTH BEND OFFICE OF THE CLERK Mr. Kostielney stated, We do have transit development possibilities out by the airport. So, if the station was where the track comes in there, that is a possibility of the way the station ends up looking. With the double track project as well, we also put language in so you could capture revenues generated in those areas to be spent. Committee Chair Gavin Ferlic stated,seeing no more questions, and this is only an update,we will close this portion and move on the Bill No. 19-57. Bill No. 19-57- Designating Real Property Tax Abatement for Five Corners, LLC Dan Buckenmeyer, Director of Business Development for the City of South Bend Community Investment Department,with offices on the 14th floor of the County-City building stated, I'm going to very quick,and let some of our petitioners, several of which are here, several will be presenting today. Just a few things in broad scope. One (1), Councilmember White asked me to designate between what is a tax phase in and what is a tax abatement. Really, completely interchangeable. I believe it was former Councilmember Varner that asked us to make delineations when it's a phase in and it's not one-hundred percent (100%) across the board. For example, the amount of taxes abated diminishes over a year. So, that's the reason for the term phase ins. In this case, we've got a great range of different types of companies that we're speaking with and representing today all over town.West,Northwest, Southwest,North downtown and south Ignition Park.Over 10 million dollars in private investment represented by these today, and over two-hundred and forty (240) jobs represented. So, I'm going to dive right into them. The first one(1) we're going to talk about is Five (5) Corners, LLC a real property tax abatement or phase in. It is representative of this building,which will be a 4 million dollar plus investment. It will bring in eighty-seven(87)indirect jobs.Because we have the developer here,the company who is a proposed tenant is not represented here, but I can tell you that they are a South Bend native start up. We are thrilled to see them building headquarters here. We were a little worried that they might become a flight risk to Indianapolis because they've got some employees and management down there. So, we're thrilled to see them build kind of a new headquarters here in town. Just at a very high level, a seven (7) year real property tax abatement will be saving them about four-hundred seventy thousand ($470,000)dollars over the course of that,but they'll still be paying about two-hundred sixty-three thousand dollars ($263,000) during the abatement. So, I'll stop there and allow our petitioners to come up and tell you about the project. Mo Miller, 814 Marietta Street, South Bend, IN stated, I represent Five Corners, LLC. We are very excited to have this opportunity. This is a point six five (.65) acre parcel located south of Eddy Street Commons, at the intersection of Eddy Street and South Bend Avenue between Corby and Howard Street. After owning and maintaining these parcels for over fifteen(15) years, we're very excited to be partnering with Five Corners, LLC to construct this office building that will complement the architecture of Eddy Street Commons.This is the first viable project that has come to us in the whole time that Five (5) Corners has owned this property. We've been waiting for a very long time. We feel that we've been very good neighbors, maintaining the property, mowing the property etc., over a number of years. So, we're very excited to have this opportunity. The property has already been rezoned, and the site is supported by the NNRO. We believe that this EXCELLENCE I ACCOUNTABILITY INNOVATION I INCLUSION I EMPOWERMENT 455 County-City Building 227W.Jefferson Bvld South Bend.Indiana 46601 p 574.235.9221 f 574.235.9173 I I L)574.235.5567 www.southbendin.gov 6