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227 W..IEFFERSON BOULEVARD <br />SUITE 1400 S. <br />Sou rli 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: BROCK ZEEB <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />THE FOSTER GROUP LLC <br />DATE: January 16, 2015 <br />PHONE: 574235 -9371 <br />FAX: 574235 -9021 <br />On January 14, 2015, a petition for real property tax abatement for property located at 5021 <br />Nimtz Parkway South Bend IN was filed with the City Clerk by Foster Group LLC. <br />Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South <br />Bend, this petition was referred to the Department of Community Investment for purposes <br />of investigation and preparation of a report determining whether the area qualifies as an <br />Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition, investigated the area, <br />and makes the following report. <br />PROJECT SUMMARY <br />The Foster Group LLC is purchasing the old Bowne building at 5021 Nimtz Parkway. <br />Foster Group plans on investing $1,100,000 into building renovations and turning the <br />building into a distribution center for Midwest Gun Exchange. <br />Based on a two (2) year abatement schedule, taxes abated would be 152,071 and net tax <br />paid would be $ 92,143. <br />EMPLOYMENTIMPACT <br />Per the petition, it is estimated that the project will (a) create 30 permanent, full time <br />positions within the first two years, representing a new annual payroll of $ 967,200 (b) <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />JITIN KAIN PAMELA C. MEYER CHRIS FIELDING BROCKZEF.B <br />