25-08 Designating Resolution - Personal Property Tax Abatement for 445 North Sheridan Street

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"%" r4 � STATEMENT OF BENEFITS 2024 PAY 2025 ' REAL ESTATE IMPROVEMENTS t' State Form 51767(R7 i 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 6-1.1-12.1-4) of the individual and specific salaries ties ❑ Residentiallydistressed area(IC 6-1.1-12.1-4.1 paid to individual employees by the ) 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 orrehabilitation 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. lC 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 GLC Sheridan, LLC and/or GTA Containers, LLC Address of taxpayer Number'and Street:7410 Aspect Drive, Suite 100, Granger, IN 46530 City: Granger stave: iN LIP' 46530 Name of contact person Telephone number E-mail address First Name: Isaac Last Namer Hall (574)213-1709 ihall@greatlakescapital.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Common Council of the City of South Bend Location of property Number and Street City Stare ZIP County DLGF taxing district number 445 N Sheridan St South Bend IN 46619 St. Joseph 026(South Bend-Portage) Descnption of real property improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year) GLC Sheridan,LLC proposes to develop an industrial building containing approximately 112,500 square feet to(a)replace an obsolete 3/3/2025 building at 445 N.Sheridan,and(b)be teased to GTA Containers to expand its two building campus on Linden Avenue. Any benefits of abatement inure to GTA Containers and support its efforts to invest in new manufacturing capabilities ano grow and retain its employment on Estimated completion date(month,day,year) site.This project will facilitate continued growth for GTA's Doors and Covers business with the addition of new paint lines. 1/1/2027 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Additional Salaries 143 $9,271,204 143 $9,271,204 15 $ 1,040,312 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values $306,100 S 306,100 Plus estimated values of proposed project $8,880,000 $5,634,100 Less values of any property being replaced $0 $0 Net estimated values upon completion of project $9,186,100 $5,940,200 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signatu-of,. thoriz eprese tative Date signed(month,day,year) A"). 1.t 1.D1- Printe• am of authorized re resentative Title J C F F •SM J tc-C a.,F 4.c t-. Page 1 of 2