09-09-13 Council Agenda & Packet

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CITY OF SOUTH BEND PETITION FOR REAL PROPERTY TAX ABATEMENT CONSIDERATION The undersigned owner(s) of real property, located within the City of South Bend, hereby petition the Common Council of the City of South Bend for real property tax abatement consideration and pursuant to I.C., 6 -1.1- 12.1 -1, et sea., and South Bend Municipal Code Sec. 2 -76 et sea., for this petition state the following: Describe the proposed redevelopment or rehabilitation project, including information about physical improvements to be made, the proposed use of the improvements, and a general statement as to the importance of the project to your business: The proposed redevelopment of the Historic Hoffman Hotel, _ a l l P 4t will h,- to c-nnvarf tha hu i l d i nn from an office building to affordable apartments to house artists. Land Size < • 5 acres; Building Size +-60,000 sq.ft. 2. Describe the overall nature of the business and of the operations occurring at the Property (Please attach an additional sheet if more space is needed): The property will be professionally managed as an affordable artist apartment building 3. Estimate the dollar value of the project (excluding land): $ 4, 000, 000 4. The current assessed valuation of the real property before rehabilitation, redevelopment, economic revitalization, or improvement is: $ 864, 200 (This information may be obtained from the St. Joseph County Assessor's Office 235- 9557. ) 5. (a) The real property for which tax abatement consideration is petitioned (Property) is owned or to be owned by the following individual(s) or corporation(s) (if the business organization is publicly held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): NAME ADDRESS INTEREST ( %) Italbro Enterprises LLP PO Box 1635, South Bend, IN 46634 100a (Rev 5/13/11)