05-26-20 Agenda Packet - Laserfiche WebLink

Home Browse Search

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