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227 W. JEFFERSON BOULEVARD <br />SUITE 1400 S. <br />SOUTH BEND, IN 46601 -1830 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />COMMUNITY INVESTMENT <br />SCOTT FORD, EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: KATHY HAHN <br />PHONE: 574/235 -9371 <br />FAX: 574/235 -9021 <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Hoffman Apartments Housing Partners L.P. <br />DATE: August 14, 2013 <br />On August 13, 2013 , a petition for residential tax abatement consideration for real property located at 120 <br />W. LaSalle Street was filed with the City Clerk by Hoffman Apartments Housing Partners L.P. Pursuant <br />to Chapter 2, Article 6, Section 2 -77.1 of the Municipal Code of the City of South Bend, this petition was <br />referred to the Department of Community Investment for purposes of investigation and preparation of a <br />report determining whether the area qualifies as a Residentially Distressed Area pursuant to I. C.6-1.1-12.1 <br />and whether all zoning requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is attached), <br />investigated the area, and makes the following report. <br />PROJECT DESCRIPTION <br />Italbro Enterprises LLP is the General Partner and the owner of the land. Hoffinan Apartments Housing <br />Partners L.P. is the Limited Partner. Italbro Enterprises LLP intends to convey the real estate to Hoffman <br />Apartments Housing Partners L.P. Hoffman Apartments Housing Partners L.P. intends to redevelop the <br />historic Hoffman Hotel located at 120 W LaSalle Street. The 60,000 square foot building will be <br />converted from an office building to affordable apartments to house artists. The estimated dollar value of <br />the project is $4,000,000. <br />Total taxes to be abated during the (10) ten -year abatement period is estimated at $391,974. Total taxes to <br />be paid during the (10) ten -year abatement period is estimated at $1,156,031. <br />Per the petition, the project will create zero permanent full -time and one permanent part-time job within <br />the first year representing a new annual payroll of $35,000 and will maintain zero existing permanent full- <br />PLANNING NEIGHBORHOOD ENGAGEMENT ECONOMIC RFSOURCEs <br />JITIN KAIN PAMELA C. MEYER DONALD E. INKS <br />