Recinding Resolutions 4353-14 and 4361-14 211 West Washington (4 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: The Tower at Washington Square, LLC DATE: September 22, 2015 Attached please find the petitions of The Tower at Washington Square LLC (the "Petitioner"), seeking real property tax abatement for the real property within the City of South Bend, Indiana, commonly known as 211 West Washington Street (the "Property"). In order to permit Petitioner to increase the scope of the rehabilitation of the Property, Petitioner requests that the Common Council rescind Resolution 4353-14 adopted on April 28, 2014 by the Common Council and Resolution No. 4361-14, adopted on May 12, 2014 by the Common Council which previously designated the Property as an Economic Revitalization Area for the purposes of tax abatement and only for a period of two (2) calendar years. As part of the increase in scope of rehabilitation, the Property shall be subdivided into four (4) separate tax parcels based upon the designated use of each tax parcel. The designated uses of the parcels shall be(i)a hotel; (ii)parking garage; (iii)retail; and(iv)residential apartments.Upon the subdivision of the Property,the Petitioner expects that each parcel will be owned by a separate entity, each affiliated with the Petitioner. The Petitioner requests a vacant building deduction for the parcel designated for a hotel. At this time, the Petitioner also requests a deduction for real estate improvements for the parking garage and the retail uses. The Petitioner expects to file a petition for the apartment use at the next Common Council meeting. The requested tax deduction for the hotel, parking garage and retail is set forth in the tax abatement schedule in each petition. The Petitioner requests that the Common Council now consider the three(3)petitions filed herewith. The Petitioner requests that Common Council consider the petitions and adoption of the related declaratory resolutions prior to such subdivision. The Petitioner shall provide the Common Council with the key numbers for the new parcels prior to the Common Council's consideration of confirming resolutions. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES JITIN KAIN PAMELA C.MEYER CHRIS FIELDING BROCK ZEEB