25-07 Designating Resolution - Real Property Tax Abatement for 445 North Sheridan Street

Home Browse Search

TAX ABATEMENT REPORT Filed ,AN in ClerkZ2 's Office TO: South Bend Common Council FROM: Mark Bemenderfer, Manager Business Development Bianca Tirado City Clerk, South Bend, IN SUBJECT: Industrial Development Real Property Tax Abatement Petition for GLC Sheridan, LLC and Personal Property Tax Abatement for GTA Containers, LLC DATE: January 22, 2025 On January 22, 2025, a petition for tax abatement from GLC Sheridan, LLC, and GTA Containers, LLC, was filed with the Office of the City Clerk. The petition seeks consideration for an industrial development real property tax abatement and a personal property tax abatement for property located at 445 N. Sheridan Street, South Bend IN 46619. 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 all zoning requirements have been met. The Department of Community Investment has reviewed the petition, investigated the area, and makes the following report. Project Summary • The petitioner, GLC Sheridan, LLC, will be developing an industrial building to be leased to co-petitioner GTA Containers, LLC. GTA Containers will need to outfit this space with new industrial equipment. • The project will consist of a new 112,500 square foot facility with an approximate new construction cost of$8,800,000. • New manufacturing equipment to support GTA Containers' expanded operations will be purchased at an approximate cost of$2,300,000. • The total project cost, including land acquisition, comes to $11,992,250. • These investments will help GTA Containers adjust to market shifts and be more competitive. GTA Containers will also receive the full benefits of the real property tax abatement in addition to the personal property abatement. Employment Impact Per this petition and supporting material, it is estimated that the company will: • Retain 143 current jobs with an estimated salary of$9,271,204.