Confirming Tax Abatement - Historic JMS Building, LLC 106-110 N. Main St. (10 Year Real Property)

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BROCK ZEEB SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: Historic JMS Building, LLC DATE: May 20, 2015 On Wednesday, May 13, 2015, a petition from Historic JMS Building, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at 106 -110 North Main 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 ➢ Renovate and reposition the primary office structure into a mixed use commercial retail and multi - family property. ➢ $7,600,000 investment in building renovation ➢ Total project taxes during ten year abatement period — $2,751,039 ➢ Estimated taxes being abated during ten year abatement period — $629,641 ➢ Total taxes to be paid during ten year abatement period — $2,121,398 EMPLOYMENTIMPACT Per the petition, it is estimated that the total project will: ➢ Create 8 permanent, full -time and zero (0) permanent, part-time jobs within the first year, representing a new annual payroll of $166,400 ➢ Retain 0 permanent, full -time jobs with an annual payroll of $0 ➢ Create 8 permanent, full -time and zero (0) permanent, part-time jobs, representing a total payroll of $1,664,000 over the life of the abatement PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES hTIN KAIN PAMELA C. MEYER CHRIS FIELDING BROCK ZEEB