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05-23-2022 FINAL Notice and Agenda Packet - Amended
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05-23-2022 FINAL Notice and Agenda Packet - Amended
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
5/23/2022
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TAX ABATEMENT REPORT <br />TO: South Bend Common Council <br />FROM: Mark Bemenderfer, Manager of Business Development <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 <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.
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