Confirming Tax Abatement - Rainbow Rascals South Bend LLC 3230 South Bend Ave. (4 Year Real Property)

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BROCK ZEEB SUBJECT: PERSONAL PROPERTY TAX ABATEMENT PETITION FOR: Rainbow Rascals South Bend LLC DATE: April 7, 2015 On Friday, March 6, 2015, a petition from Rainbow Rascal South Bend LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at 3230 South Bend Ave., South Bend, IN 46635. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY ➢ Child care center that will provide care for 150 children and create no fewer than 30 jobs for the community ➢ $1,255,000 investment in new building construction ➢ Total project taxes — $160,135 ➢ Estimated taxes being abated during four year abatement period — $63,612 ➢ Total taxes to be paid during two year abatement period — $96,523 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create 20 permanent, full-time and zero (0) permanent, part-time jobs within the first year, representing a new annual payroll of $457,600 ➢ The project will create 30 jobs over five years with a total payroll of $2,962,897. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RE SOURCES JITRJ KAM PAMELA C. MEYER CHRIS FIELDING BROOK ZEEB