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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 />GLC Portage Prairie, LLC <br />DATE: July 8, 2015 <br />On Tuesday, July 7, 2015, a petition from GLC Portage Prairie, LLC was received and <br />subsequently filed with the City Clerk for real property tax abatement consideration for <br />property to be located at the southeast corner of Adams Rd. and Dylan Dr, South Bend, IN <br />46628. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City <br />of South Bend, this petition was referred to the Department of Community Investment for <br />purposes of investigation and preparation of a report determining whether the area qualifies <br />as an 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 />➢ Construction of a new approximately 200,000 sq. ft. spec commercial/bulk <br />distribution facility (and related paving/parking and other improvements), for initial <br />lease to the South Bend Redevelopment Commission, in order to facilitate and <br />support efforts of the City of South Bend to (a) have move -in ready options for <br />prospective third -party businesses searching for commercial/distribution space in <br />the City, and (b) enhance the City's ability to attract and retain businesses and spur <br />future economic growth. <br />➢ $7,250,000 investment in new building construction <br />➢ Total project taxes during eight year abatement period — $1,882,530 <br />➢ Estimated taxes being abated during eight year abatement period — $724,601 <br />➢ Total taxes to be paid during six year abatement period — $1,157,930 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create (20) twenty, full -time and zero (0) permanent, part-time jobs within the first <br />three years, representing a new annual payroll of $748,800. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />JmN KAIN PAMELA C. MEYER CHRIS FIEwm BROCK ZEEB <br />