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TAX ABATEMENT REPORT <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: KATHY HAHN <br /> SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> East Bank South Bend Development LLC. <br /> DATE: October 31, 2013 <br /> On October 25,2013, a petition for residential tax abatement consideration for real property located at East <br /> Bank was filed with the City Clerk by East Bank South Bend Development LLC. Pursuant to Chapter 2, <br /> Article 6, Section 2-77.1 of the Municipal Code of the City of South Bend, this petition was referred to the <br /> Department of Community Investment for purposes of investigation and preparation of report determining <br /> whether the area qualifies as a Residentially Distressed Area pursuant to I.C.6-1.1-12.1 and whether all <br /> 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 /> East Bank South Bend Development LLC(EBSBD) is the General Partner and owner ofthe land.EBSBD <br /> intends to construct a new 5 story multi-use building located on the East Bank. The 16000 square foot <br /> building will be 5 floors tall with parking located on the I" floor. Commercial ground space is <br /> approximately 3,200 square feet. Each floor will contain a one bedroom apartment, a two bedroom <br /> apartment and a three bedroom apartment,totaling 12 residential units. The total estimated dollar value of <br /> the project is $2,500,000.00. <br /> Total taxes to be abated during the(5)five-year abatement period is estimated at$110,022.00. Total taxes <br /> to be paid during the (5) five-year abatement period is estimated at $172,466.00. <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$23,000 and will maintain zero existing permanent full- <br />