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

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• Upon completion of the new building and new equipment being placed into service, create at least seven (7) new full-time jobs with an estimated total annual payroll of $480,916. • By the end of 2027, create at least fifteen (15)full-time jobs with an estimated annual payroll of$1,040,312. Tax Estimates GLC Sheridan, LLC, qualifies for an eight-year(8) industrial development real property tax abatement. • Current estimated annual real property taxes: $11,956 • Estimated combined annual taxes after the project's completion: $192,255 • Total estimated combined taxes during the eight-year(8) abatement period: $1,538,042 o Estimated taxes being abated during the abatement period: $704,350 o Estimated total taxes to be paid during the abatement period: $833,692 GTA Containers, LLC, qualifies for a five-year (5) personal property tax abatement. • Total estimated combined taxes during the eight-year (8) abatement period: $184,462 o Estimated taxes being abated during the abatement period: $131,075 o Estimated total taxes to be paid during the abatement period: $53,387 Abatement Qualification 1. A review of the tax abatements previously granted finds that the petitioner and/or related companies have been granted the following abatements: • Resolution No. 4483-15 (7/27/15): Eight-year(8) real property tax abatement for property located at 5448 Dylan Drive granted to GLC Portage Prairie LLC • Resolution No. 5033-23 (6/26/23): Nine-year(9) industrial development real property tax abatement for property located at 5448 Dylan Drive granted to GLC Portage Prairie LLC 2. The property is properly zoned for the proposed project. 3. Taxes on the property have been paid in full. 4. A review of the South Bend Redevelopment designation areas finds that the property is in the River West Development Area. 2