Confirming Tax Abatement - Enterprise Associates 903 S. Main St. (5 Year Real Property)

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I � • • • • • • • • • • PARKER&JAICOMO Attorneys • First Bank Building Thomas.Brunner,Jr 205 W.Jefferson John C Hamilton South Bend,Indiana•4660] Timothy I.I lancer (219)234-4149 Richard I..Bill Ronald 1.laicomo Robert NI.Parker Richard W.Snyder Mary Ann Boulac December 11, 1985 • Members of the Common Council City of South Bend County-City Building South Bend, IN 46601 Dear Council Members: The enclosed Real Property Tax Abatement Petition and resolutions are filed by Enterprise Associates, an Indiana partnership, for a rehabilitation project to be located at 903 S. Main Street. Enterprise Associates intends to rehabilitate the 45,000 square foot South Bend Carton Building, located at 903 S. Main Street, for a mixture of new uses including loft office space and limited retail use. Built in 1898, the South Bend Carton Company building has undergone a variety of uses in its 87 year history. Recent times have seen it fall prey to the perils of an extended vacancy. Although water damage and the absence of a heating plant were major concerns, the structural function of the building was superb and represents one of the last post and beam constructed buildings in the City. Letters of intent have been executed for one-half of the existing 45,000 square feet with occupancy to occur immediately after rehabilitation. Members of the Enterprise Associates partnership are James A. Cook and Michael F. Boehm. The property in question is located within an allocation area designed by the Common Council. It is estimated that the value of this property after completion of the proposed project will be $600,000. It is likewise estimated that the project will create at least six new, permanent fulltime jobs as its direct result.