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South Bend Common Council <br />RE: Tax Abatement for Colfax Hill Partners, LLC <br />April 28, 2014 <br />Page 2 <br />It was determined they best met the established criteria. The site is surrounded by successful area <br />investment including Eddy Street, the Triangle Neighborhood, St. Joseph High School, and multiple <br />downtown South Bend projects. The successful development of this site will further the revitalization of <br />the East Bank Village and Downtown South Bend as well as enhance the ongoing area investment. The <br />project cost is $2,900,000. <br />Based on an eight year abatement, taxes abated would be $299,443 and net tax paid would be <br />$416,172. <br />EMPLOYMENT IMPACT <br />Per the petition, are not any jobs forecasted to be retained or created; however, there will be created <br />jobs for the businesses in the commercial space. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the Petitioner, Colfax Hill Partners, <br />LLC has not been granted any previous abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to beproperlyzoned <br />for the proposed project. <br />3. The property is located in the East Bank Business District. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the <br />qualifications for an (8) eight -year real property tax abatement under section 2 -80 Mixed Use <br />Developments in the East Bank Business District. <br />