Confirming Tax Abaement - RDistrict One, LLC 635 S. Lafayette Blvd. (10 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: RDistrict One, LLC DATE: November 17, 2015 On Tuesday, November 17, 2015, a petition from RDistrict One, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at 635 S.Lafayette Blvd,South Bend,IN 46601. Pursuant to Chapter 2, Article 6, Section 2-84.2 of the Municipal Code of the City of South Bend,this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY ➢ RDistrict One will develop Buildings "112 and 113" on the former Studebaker Assembly site in partnership with Studebaker 84 LLC. This development will adaptively re-use approximately 220,000 sq. ft. of space for educational,innovative office, mechanical, and advanced manufacturing space. ➢ $14,500,000 investment in building improvements and fixtures ➢ Total project taxes during ten year abatement period—$3,192,715 ➢ Estimated taxes being abated during ten year abatement period—$933,691 ➢ Total taxes to be paid during ten year abatement period—$2,259,024 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create (20)twenty, full-time and zero (0)permanent,part-time jobs during the ten year abatement period, representing a new annual payroll of$800,800. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES JITIN KAIN PAMELA C.MEYER CHRIS FIELDING BROCK ZEEB