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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PFIONE 574! 235-9371 <br />FAx 574!235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~L ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTPJE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: SHARON TERRELL,~ <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />MHM REALTY, LLC (TRIO'S RESTAURANT) <br />DATE: February 15, 2007 <br />On January 30, 2007, a petition for real property tax abatement consideration for property located at <br />129 North Michigan Street (old Kalamaros Building) was filed with the City Clerk by MHM Realty. <br />Pursuant to Chapter 2, Article 6, Section 2-82 of the Municipal Code of the City of South Bend, this <br />petition was referred to the Department of Community and Economic Development for purposes of <br />investigation and preparation of a report determining whether the area qualifies as an Economic <br />Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition, investigated <br />the area, and makes the following report. <br />PROJECT SUMMARY <br />MHM Realty proposes to rehabilitate the property located at 129 North Michigan Street which has <br />been vacant for more than (6) six years. The project will convert 8,100 square feet of the first floor <br />space to a restaurant, jazz club, and banquet/private meeting space. The mezzanine area will remain <br />office space. The basement will be used for a prep kitchen, inventory storage, and employee <br />changing rooms. Extensive upgrades to the roof, HVAC, electrical, and plumbing systems will <br />occur. <br />Rehabilitation costs for the project are estimated at $586,087. Total taxes to be abated during the (6) <br />six-year abatement period is estimated at $70,752. Total taxes to be amid during the (6) six-year <br />abatement period is estimated at $49,848. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL RL PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LEONARD <br />EAX: 574/235-9697 574/235-9371 <br />