Bill No. 23-10 Ten Year (10) Real Property Tax Abatement for 7468 Vorden Parkway, SB, IN 46628

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Industrial Real Property Tax Abatement Petition for 7468 Vorden Parkway, LLC (Coast Southwest, Inc) DATE: March 8, 2023 On March 8, 2023, a petition for tax abatement from Coast Southwest, Inc., was filed with the Office of the City Clerk. The petition seeks consideration for an industrial real property tax abatement for property at 7468 Vorden Parkway in South Bend, Indiana. The company has formed an Indiana limited liability corporation named 7468 Vorden Parkway, LLC, as a subsidiary of the parent company. 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 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 • Coast Southwest, Inc., plans to develop a new distribution center on the lot located on the southwest corner of Vorden Parkway and Didam Boulevard on the City's northwest side. • Once the distribution center is complete, Coast Southwest will move its current operations in Illinois to the new South Bend facility. Tax Estimates The petitioner qualifies for a ten-year (10) industrial real property tax abatement. • Taxes in 2022 for the existing property: $1,367 • Total estimated taxes during the ten-year (10) abatement period: $2,050,053 • Estimated taxes being abated during the abatement period: $824,136 • Estimated total taxes to be paid during the abatement period: $1,225,917