05-23-2022 FINAL Notice and Agenda Packet

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Mark Bemenderfer, Manager of Business Development SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: GLC Portage Prairie V LLC DATE: May 18, 2022 On Wednesday, May 11, 2022, a petition from GLC Portage Prairie V LLC was received and subsequently filed with the City Clerk for real property tax abatements consideration for property located at the intersection of Dylan Drive and Adams Road, South Bend, IN 46628. 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 ➢ GLC Portage Prairie V LLC proposes to invest $15.3m into a new warehouse building in the Ameriplex Industrial Complex where the company owns 30 acres. ➢ South Bend tenants currently have limited options for move in ready, modern, 50,000 SF+ facilities with 32' clear ceilings. The new 296,000 SF speculative warehouse building is considered by a few tenants with solid interest. ➢ The company has a proven track record of getting projects leased within 12 months of the construction start date. ➢ Current property taxes for 2021 pay 2022 is $1,565. EMPLOYMENT IMPACT Per this petition, it is estimated that the company will: ➢ Create between fifty (50) to two hundred (200) indirect full-time jobs representing a total annual payroll between $2,033,200-$8,132,800. ABATEMENT OUALIFICATION L A review of the tax abatements previously granted, finds that the petitioner has not been granted any tax abatements.