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TAX ABATEMENT REPORT <br /> TO: South Bend Common Council <br /> FROM: Dan Buckenmeyer, Director of Business Development <br /> SUBJECT: VACANT, REAL & PERSONAL PROPERTY TAX ABATEMENT <br /> PETITION FOR:WSJM-INC aka Midwest Family Broadcasting <br /> DATE: May 6,2020 <br /> On Wednesday,April 8, 2020, a petition from WSJM-INC was received and subsequently <br /> filed with the City Clerk for vacant, real and personal property tax abatements <br /> consideration for property located at 316 E Monroe Street,South Bend,IN 46601. Pursuant <br /> to Chapter 2, Article 6, Section 2-84.2 of the Municipal Code of the City of South Bend, <br /> this petition was referred to the Department of Community Investment for purposes of <br /> investigation and preparation of a report determining whether the area qualifies as an <br /> Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning <br /> requirements have been met. <br /> The Department of Community Investment has reviewed the petition (a copy of which is <br /> attached), investigated the area, and makes the following report. <br /> PROJECT SUMMARY <br /> D 18,185 sq.ft. vacant buildingwithpurchase price of$235,000 and an additional <br /> q <br /> $2,500,000 in planned private investment for building upgrades to operate a radio <br /> broadcasting building with four(4)studios, admin, engineering and sales. <br /> > The building has been vacant for more than one year. Much of the existing <br /> electronics that remain are not useful. The existing HVAC equipment, evident on <br /> the exterior of the building has been destroyed by vandalism and theft of the <br /> components. The exterior will receive new exterior windows and a new entrance. <br /> The interior will be renovated to accommodate four radio stations, twenty-three <br /> employees, a UPS system, administration offices, and the engineering <br /> offices/broadcast equipment. <br /> > Additional private investment in personal property — telecommunication and <br /> network equipment with purchase price of$800,000. <br /> > Current and estimated property taxes for a 10-year period with and without private <br /> investment: <br /> Property Current Estimated Tax w/o Est. Tax with Private <br /> Annual Private Investment for Investment for 10 <br /> Property Tax 10 Years Years <br /> Vacant Bldg& Land—5Y $12,243 $122,430 $59,025 <br /> Renovation Bldg-5Y $0 $0 $294,072 <br /> Equipment—5Y $0 $0 $39,277 <br /> Total: $12,243 $122,430 $392,374 <br />