05-11-15 Agenda, Packet & Committee Meeting Notice

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BROCK ZEEB SUBJECT: VACANT BUILDING PROPERTY TAX ABATEMENT PETITION FOR: JSK Development, Inc. DATE: May 6, 2015 On Tuesday, April 21, 2015, a petition from JSK Development, Inc. was received and subsequently filed with the City Clerk for vacant building property tax abatement consideration for property to be located at 111 St. Joseph St, South Bend, IN 46601. 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 ➢ Construction of a full- service national brand 120 room hotel and connecting annex to the former College Football Hall of Fame. The Hall of Fame would become a multi-use, owner- occupied property which would house all the support services for the new hotel (reception, restaurant, etc.) as well as the new home for JSK Development corporate offices. ➢ $9,250,000 investment in new building construction and building expansion ➢ Total project taxes — $173,745.28 ➢ Estimated taxes being abated during two year abatement period — $107,783.53 ➢ Total taxes to be paid during two year abatement period — $65,961.75 EMPLOYMENTIMPACT Per the petition, it is estimated that the total project will: ➢ Create 33 permanent, full -time and zero (0) permanent, part-time jobs within the first year, representing a new annual payroll of $884,083.20 PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES hTIN KAIN PAMELA C. MEYER CHRIS FIELDING BROCKZEEB