Bill No. 23-43 Peak Investment & Asset Management LLC Confirming - 1405 Portage Ave. Tax Abatement 5 Yr. Real Property

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Retail Development Real Property Tax Abatement Petition for Peak Investment and Asset Management LLC DATE: June 21, 2023 On June 13, 2023, a petition for tax abatement from Peak Investment and Asset Management, LLC was filed with the Office of the City Clerk. The petition seeks consideration for a retail development real property tax abatement for property located at 1405 Portage Avenue in South Bend. Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South Bend, the 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 Indiana Code 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 • Peak Investment and Asset Management LLC purchased the former Speedway gas station located at 1405 Portage Avenue in 2022 and plans to develop a neighborhood shopping center(10,300 square feet). The center will consist of two brand new buildings separated by a parking lot, which will be accessed from Elwood Avenue. One of the buildings will include three (3) storefronts directly on Portage Avenue. • The expected private investment in the project is$1.44 million. • This neighborhood shopping center is anticipated to provide retail space opportunity for small business owners, which in turn should create 15-20 new jobs. • The project is intended to bring livelihood to the community with a stated goal of dedicating the shopping center to District 1 of the City of South Bend. Employment Impact • Peak Investment and Asset Management LLC is projecting that the shopping center will lead to the creation of at least 15 new positions with an average starting wage of$16 per hour in the first year of operations. Jobs would be created by tenants.