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TAX ABA TEMENT REPOR T" Mqy <br /> r <br /> TO: South Bend Common Council rYc�Fq�titi,`/ �o�� <br /> FROM: Mark Bemenderfer, Manager of Business Development UOv tiBF <br /> NO r <br /> N <br /> SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: GLC Portage <br /> Prairie V LLC <br /> DATE: May 18,2022 <br /> On Wednesday, May 11, 2022, a petition from GLC Portage Prairie V LLC was received <br /> and subsequently filed with the City Clerk for real property tax abatements consideration <br /> for property located at the intersection of Dylan Drive and Adams Road, South Bend, IN I <br /> 46628. Pursuant to Chapter 2,Article 6, Section 2-84.2 of the Municipal Code of the City <br /> of South Bend, this petition was referred to the Department of Community Investment for <br /> purposes of investigation and preparation of a report determining whether the area qualifies <br /> as an 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 /> ➢ GLC Portage Prairie V LLC proposes to invest $15.3m into a new warehouse <br /> building in the Ameriplex Industrial Complex where the company owns 30 acres. <br /> ➢ South Bend tenants currently have limited options for move in ready, modern, <br /> 50,000 SF+ facilities with 32' clear ceilings. The new 296,000 SF speculative <br /> warehouse building is considered by a few tenants with solid interest. <br /> ➢ The company has a proven track record of getting projects leased within 12 months <br /> of the construction start date. <br /> ➢ Current property taxes for 2021 pay 2022 is$1,565. <br /> EMPLOYMENT IMPACT <br /> Per this petition, it is estimated that the company will: <br /> ➢ Create between fifty(50)to two hundred(200) indirect full-time jobs representing <br /> a total annual payroll between$2,033,200-$8,132,800. <br /> ABATEMENT QUALIFICATION <br /> 1. A review of the tax abatements previously granted, finds that the petitioner has not <br /> been granted any tax abatements. <br />