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4SOUr eN <br />227 W. Jnmrx.w +e Bumranun <br />.i ,1Jiiil�:�� „'IO <br />Still 14005. I� \\` ^ • c PININI:': 574235 -)371 <br />SnuTU BIND. IN 46MI.1 830 �u y����.'�aj��� FAX: 574 ;235 -9021 <br />� J865 <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 />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />RIVER RACE TOWNHOMES. LLC <br />DATE: June 3, 2014 <br />On June 2, 2014, a petition for real property tax abatement consideration for property <br />located at 122 South Niles was filed with the City Clerk by River Race Townhomes, <br />LLC. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City <br />of South Bend, this petition was referred to the Department of Community Investment for <br />purposes of investigation and preparation of a report detennining whether the area <br />qualifies as an Economic Revitalization 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, investigated the <br />area, and makes the following report. <br />PROJECT SUMMARY <br />Petitioner will construct a seven story mixed use commercial building with 60,888 square <br />feet. There will be six floors with a 7ih floor rooftop deck. There will be 32 apartment - <br />condos with retail operations on the first and second floors. The residential valuation is <br />$6,018,000 and the commercial valuation is $1,086,600 for a total project cost of <br />$7,104,600. <br />PLnwse NEIGNMROOou EN(,AGIMENT BI s1sE<, DecEEarMn:rr Econmvr RE.aArxas <br />Jill, KAIN P:\MFIdc.A1rfl'g fn'DF%Unnr <br />Din'ain E. Hus <br />