Designating Tax Abatement - 706-720 Fellows St. (5 Year Real Property)

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• PANZICA DEVELOPMENT CO. 422 EAST MONROE STREET SOUTH BEND, INDIANA 46601 TELEPHONE (219)-234-0125 July 17, 1984 PANZICA City of South Bend Common Council County-City Building South Bend, Indiana 46601 Dear Members of the Common Council: We do hereby petition to the Common Council of the City of South Bend for the granting of real property tax abatement for the property commonly known as 706-720 Fellows Street (formerly Monroe-Sample Dispostion Parcel No. 11 and the West 1/2 of vacated Rush Street). Our group is proposing to develop this now vacant property into "Monroe Tech Centre," a speculative office and warehouse facility that will provide the type of modern industrial space that is needed to attract new business and jobs to our city. As detailed in the attached petition, and related information submit- ted earlier to the Department of Redevelopment, Tech Centre will retain six full-time jobs in the community, and it is estimated that it could bring twenty- two more permanent jobs to the Monroe Park area. We find it necessary to request tax abatement at this time for the following reasons: 1. Recently increased interest rates have adversely affected the projected performance of the project as an investment, and the granting of tax abatement will mean the difference between a positive and a negative cash-flow for several years 2. In order to attract tenants we have been and will be obliged to offer rents competetive with existing facilities of this type in Monroe Park which already have the benefit of real property tax abatement. This project will further enhance the redevelopment of Monroe Park, and will benefit the health and welfare of the entire community. We believe that pro- jects such as Tech Centre are necessary for the future emergence of South Bend as a "high tech" service and distribution center, and we are making an investment in that future. We appreciate your consideration and are hopeful of being granted abatement. Respectfully submitted, TECH CENTRE PARTNERSHIP iLtta Cr Thomas C. Panzica Managing Partner TCP:rse