09-28-15 Agenda, Packet & Committee Meeting Notice

Home Browse Search

J Pf4 t!� ��` Z� 4" �;� STATEMENT OF BENEFITS 2oPAY2a_ VACANT BUILDING DEDUCTION S �;;, Siete Form 65182 iR/2-14} < G FORM SS•1 f VBD `•,,� ' Prescribed by the Department of Local Government Fina C/�� C �(20,� PRIVACY NOTICE _ This statement Is being completed for real property that qualifies as an'eligible vacant building`as defined by The cost and any specindivdveta IC 6-1.1-12.1-1(17). savvy information is confidential;the ��, rti balance of the fling is public record \. 4 r per IC 6-1.1-12.1-5.1(o)and(d). INSTRUCTIONS: � 41• 1- This statement must bo submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted to the designating body BEFORE the occupation of the eligible vacant building for which the person wishes to claim a deduction. 2, To obtain a vacant building deduction,a Form 322A/BD must be filed with the county auditor before May 10 in the year in which the property owner or his tenant occupies the vacant building or not later than thirty(30)days atter the assessment notice is mailed to the property owner if it was mailed after-April 10. f/the property owner misses the May 10 deadline in the initial year of occupation,he can apply between March 1 and May 10 of a subsequent year. 3. A property owner who files the Form 322N13D must provide the courtly auditor and the designating body with a Form CF-1N130 to show compliance with the approved Form SB-iNBD. The Form CF-1A/BD must also be updated each year in which the deduction is applicable. -SECTION 1 -----•- -- TAXPAYER INFORMATION --_ — .. ..__. . ...-..-- Name of taxpayer The Tower at Washington Square LLC I Address of taxpayer(number and skeet city,stare,and ZIP code) -- 5-44 47th Avenue,3rd floor,Long Island City,NY 11101 Name of contact person 'Telephone number E-mad address Liberty Angeliades ( 718 ) 786-5555 theloweratwashingtonsquarelle @gmai SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number South Bend Common Council • Location or prope.ly DLGF taxing district number 211 W.Washington St leounty St.Joseph Description of eligible vacant building that the propeny caner or tenant wilt occupy(use arkftiunal sheets if necessary). Estimated occupancy date(month,day,year) Hotel is part of a mixed use building. Hotel was closed In June 2014 shortly after purchase as 01/01/17 building had fallen into severe disrepair and occupancy was less than 10%. Owner intends to Estimated date placed-In-use(month,day,year) refurbish building beginning In late 2015 with re-occupancy to occur in early 2017 01/01/17 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS A RESULT OF PROPOSED PROJECT Current number Salaries Number retained Saieries Number additional Salaries 62 16.87 SECTION ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST _ i ASSESSED VALUE ■ •Current values —. Q.506./of Plus estimated valuos of proposed project 15,245,274.00 Less values of any property being replaced Net estimated values upon completion of project SECTION 5 EFFORTS TO SELL OR LEASE VACANT BUILDING Described efforts by the owner or previous owner to sell,lease,or rent the building during period of vacancy. Owner was unable to lease or rent the hotel beginning in June 2014 as the building's mechanical systems,HVAC and other internal systems had tong term deferred maintenance issues unattended which made it not viable. Deferred maintenance issues subsequently led to burst water pipes causing significant Interior damage. Owner had to ultimately close the building and vacate all tenants to begin a long term revilalziation project Show amount for which the building was offered for sate,lease,or rent during period of vacancy. !List any other benefits resulting from the occupancy of the eligible vacant budding. The building is the most prominent building in downtown South Bend and its location on Main Street make it an important community asset central to the City's continued revitalization. The redevelopment of the building to an updated mixed use project will be a catalyst for i additional downtown development. The building will eventually provide a new hotel,residential apartments,retail space and a refurbished i parking garage(including parking for public use). SECTION G TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Si•n:r a of authorized represe Tile Dale signed(month,day,year) Mir. . / - Manager 09/18/15 i • I — Page 1 of 2