5096-24 Designating Resolution - Real Property Tax Abatement 123 North Dr. Martin Luther King Jr. Boulevard

Home Browse Search

- 'ilse STATEMENT OF BENEFITS 2024 PAY 2025 f: •-4-• REAL ESTATE IMPROVEMENTS 1 State Form 51767(R7/1-21) FORM SB-1/Real Property ... ..- Prescribed by the Department of Local Government Finance �_ % PRIVACY NOTICE This statement is being completed for real property that qualifies under the following Indiana Code(check one box): Any Information concerning the cost ❑+ Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-d of the property and specific salaries the p p ) paid to individual employees by the E Residentially distressed area(IC 6-1.1-12.1-4.1) property owner Is confidential per IC 6-1.1-12.1-5.1. INSTRUCTIONS 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. 2. The statement of benefits form must be submitted to the designating body and the area designated en economic revitalization area before the initiation of the redevelopment or rehabilitation for which the person desires to claim a deduction. 3. To obtain a deduction,a Form 322/RE must be filed with the county auditor before May 10 in the year in which the addition to assessed valuation is made or not later than thirty(30)days after the assessment notice is mailed to the property owner if it was mailed after April 10. A properly owner who failed to file a deduction application within the prescribed deadline may file an application between January 1 and May 10 of a subsequent year. 4. A property owner who files for the deduction must provide the county auditor and designating body with a Form CF-1/Real Property. The Form CF-1/Real P►opertyshould be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable. IC 6-1.1-12 1-5.1(b) 5. For a Form SB-1/Reel Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each deduction allowed For a Form SB-1/Real Property that is approved prior to July 1, 2013, the abatement schedule approved by the designating body remains in effect. IC 6-1 1-12 1-17 SECTION 1 TAXPAYER INFORMATION Name ot taxpayer AFP 111 CORP Address of taxpayer Number and Street! 9 Park Place,4th Floor city_ Great Neck State: NY ZIP: 11021 Name of contact person Telephone number E-mail address fit,'s::,c. Ben I iu:Nam, Zimmerman (516)466-6464 bzimmerman®unitedcapitalcorp.net SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of --Ignatingbody Resolution number Common Council of the City of South Bend Location of property Number and Street City State Zip 1 County DLGF taxing district number 123 N.Dr.Martin Luther King Jr.Dr. South Bend IN 46601 St. Joseph 026(South Bend-Portage) Descnption or real property improvements.redevabpment,or rehabilitation(use additional sheets"'necessary) Estimated start date(month,day,year) The hotel is scheduled to commence a$9.2 million FRCM renovation in connection with our Hilton Franchise Agreement that includes 1/10/2025 improvements to the Guestrooms and bathrooms,restaurant spaces,ballrooms and meeting rooms.Additionally,the hotel will be investing over$1 million in infrastructure improvements including sprinkler pines replacement.boiler conversions,elevator upgrades and Estimated completion date(month.day,year) HVAC replacements. 7/15/2025 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Addit onal Salaries 110 $4,034,800 110 $4,034,800 5 $ 160,000 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values $359,000 $8,961,500 Plus estimated values of proposed project $10,200,000 $4,000,000 Less values of any property being replaced $a $o Net estimated values upon completion of project $1C,559,000 S 12,961,500 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits The owner plans to donate the furniture, fixtures and other equipment to local charities in the greater South Bend area. SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature authorized representative Date signed(mourn,day,year) eil Printed name of authonzed representative Tale Oeiv 2rnlr+r E/zon PN (//cr /6�-e3-fc%nr-7r Page 1 of 2