5095-24 Designating Resolution - Real Property Tax Abatement 321 West Wayne Street

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+ STATEMENT OF BENEFITS 2024 PAY2025 il l"'.' REAL ESTATE IMPROVEMENTS ' ' State Form 51767(R7/1-21) FORM SB-1 I 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 El Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4 of the property and specific salaries t es P P ) aid to individual employees the ❑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 an 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 property 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 Property should 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/Real 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 of taxpayer Historic Hearthstone LLC Address of taxpayer Number and Street: 321 W. Wayne Street City, South Bend State: IN ZIP; 46601 Name of contact person Telephone number E-mail address First Name: Regina Last Name' Emberton (574)274-1912 r.emberton@outiook.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name. designating body Common Council of the City of South Bend Resolution number Location of property Number and Street City State ZIP County DLGF taxing district number 321 W. Wayne Street South Bend IN 46601 St. Joseph 026(South Bend-Portage) Description of real property improvements,redevelopment,or reha6fihation(use additional sheets if necessary) Estimated start date(month,day,year) Rehabilitate the existing vacant building to include a restaurant with entertainment space. There will 1/1/2025 also be offices for Indiana Landmarks and South Bend TradeWorks,along with workshop and retail Estimated completion date(month,day,year) space for SB TradeWorks. 12/31/2026 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Additional Salaries 3 $ 194,700 3 $ 194,700 20 $ 713,600 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values $195,000 $121,800 Plus estimated values of proposed project $2,479,399 $1,500,000 Less values of any property being replaced $o $o Net estimated values upon completion of project $2,674,399 $1,621,800 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) 0 Estimated hazardous waste converted(pounds) 0 Other benefits SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized representative Date signed(month,day,year) aw UV . 0,19-605, 07 Printed name of authorized representative rtlee9Ina L- etmb(;�-�,, Principal Page 1 of 2