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05-26-15 Agenda, Packet & Committee Meeting Notice
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05-26-15 Agenda, Packet & Committee Meeting Notice
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
5/26/2015
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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BROCK ZEEB <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Historic JMS Building, LLC <br />DATE: May 20, 2015 <br />On Wednesday, May 13, 2015, a petition from Historic JMS Building, LLC was received <br />and subsequently filed with the City Clerk for real property tax abatement consideration <br />for property to be located at 106 -110 North Main St., South Bend, IN 46601. Pursuant to <br />Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, this <br />petition was referred to the Department of Community Investment for purposes of <br />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 (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />➢ Renovate and reposition the primary office structure into a mixed use commercial <br />retail and multi - family property. <br />➢ $7,600,000 investment in building renovation <br />➢ Total project taxes during ten year abatement period — $2,751,039 <br />➢ Estimated taxes being abated during ten year abatement period — $629,641 <br />➢ Total taxes to be paid during ten year abatement period — $2,121,398 <br />EMPLOYMENTIMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 8 permanent, full-time and zero (0) permanent, part-time jobs within the <br />first year, representing a new annual payroll of $166,400 <br />➢ Retain 0 permanent, full -time jobs with an annual payroll of $0 <br />➢ Create 8 permanent, full -time and zero (0) permanent, part-time jobs, representing <br />a total payroll of $1,664,000 over the life of the abatement <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />Jim KAIN PAMELA C. METER CBRIS FIELDING BROCK ZEEB <br />
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