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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BROCK ZEEB <br />SUBJECT: VACANT BUILDING PROPERTY TAX ABATEMENT PETITION FOR: <br />JSK Development, Inc. /Southhold, LLC <br />DATE: May 19, 2015 <br />On Tuesday, April 21, 2015, a petition from JSK Development, Inc. /Southhold, LLC was <br />received and subsequently filed with the City Clerk for vacant building property tax <br />abatement consideration for property to be located at 111 South St. Joseph St, South Bend, <br />IN 46601. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the <br />City of South Bend, this petition was referred to the Department of Community Investment <br />for purposes of investigation and preparation of a report determining whether the area <br />qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all <br />zoning 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 />➢ Construction of a full- service national brand 120 room hotel and connecting annex <br />to the former College Football Hall of Fame. The Hall of Fame would become a <br />multi -use, owner- occupied property which would house all the support services for <br />the new hotel (reception, restaurant, etc.) as well as the new home for JSK <br />Development corporate offices. <br />➢ $9,250,000 investment in new building construction and building <br />expansion/connection with HOF <br />➢ Total project taxes during two year abatement period — $173,745.28 <br />➢ Estimated taxes being abated during two year abatement period — $107,783.53 <br />➢ Total taxes to be paid during two year abatement period — $65,961.75 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 33 permanent, full -time and zero (0) permanent, part-time jobs within the <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />LTIN KAIN PAMELA C. MEYER CHRIS FIELDING BROCK ZEEH <br />