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

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BROCK ZEEB SUBJECT: REAL 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 real property tax abatement consideration for property to be located at 120 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/connection with HOF ➢ Total project taxes — $2,410,716 ➢ Estimated taxes being abated during nine year abatement period — $945,911 ➢ Total taxes to be paid during nine year abatement period — $1,464,805 EMPLOYMENT IWACT 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 PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMiCRESOURCES Jrn N KAIN PAMELA C. MEYER CMS FIELDING BBom ZEES