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• <br /> TAX ABATEMENT REPORT <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: BROCK ZEEB <br /> SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> The Tower at Washington Square,LLC-Residential <br /> DATE: October 20,2015 <br /> Attached please find the petition for The Tower at Washington Square LLC (the <br /> "Petitioner"), seeking real property tax abatement for the real property within the City of <br /> South Bend, Indiana, commonly known as 211 West Washington Street (the "Property"). <br /> As part of the increase in scope of rehabilitation,the Property shall be subdivided into four <br /> (4) separate tax parcels based upon the designated use of each tax parcel. The designated <br /> uses of the parcels shall be (i) a hotel; (ii) parking garage; (iii) retail; and (iv) residential <br /> apartments. Upon the subdivision of the Property, the Petitioner expects that each parcel <br /> will be owned by a separate entity, each affiliated with the Petitioner. <br /> The Petitioner requests that the Common Council now consider the one (1)petition filed <br /> herewith. The Petitioner requests that the Common Council consider the petition and <br /> adoption of the related declaratory resolution prior to such subdivision.The Petitioner shall <br /> provide the Common Council with the key number for the new parcel prior to the Common <br /> Council's consideration of a confirming resolution. <br /> The Common Council should note the following exceptions to the local ordinance being <br /> requested for this petition: <br /> • Tower-Residential <br /> > Standard designation for an Economic Revitalization Area is two years. <br /> Petitioner is requesting this be three years. <br /> > Project would qualify for a nine year real property tax abatement. Petitioner <br /> is requesting a ten year abatement. <br /> > Petitioner is requesting a revised abatement schedule as detailed in the <br /> accompanying Designating Resolution <br /> The Common Council should also note the following business case considerations for <br /> allowing an exception to the local ordinance: <br /> • The building is the most prominent building in downtown and requires substantial <br /> investment to cure mechanical and structural deficiencies <br /> • The proposed use fits in with the overall pan for the downtown <br /> • The proposed deal structure requires no public cash investment <br /> PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RE SOURCES <br /> JILIN KAIN PAMELA C.MEYER CHRIS FIELDING BROOK ZEEB <br />