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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: AARON KOBB <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />East Bank South Bend Development, LLC <br />DATE: March 8, 2016 <br />On Wednesday, March 9, 2016, a petition from East Bank South Bend Development, LLC <br />was received and subsequently filed with the City Clerk for real property tax abatement <br />consideration for property to be located at 215 Sycamore Street, South Bend, IN 46617. <br />Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South <br />Bend, this petition was referred to the Department of Community Investment for purposes <br />of investigation and preparation of a report determining whether the area qualifies as an <br />Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />➢ Estimated $2,500,000 construction of a six story mixed use building with ground <br />floor commercial and residential on floors 2 -5 along with a common area on the <br />sixth floor. The ground floor commercial space will be approximately 3200 square <br />feet. Each floor of the residential units will consist of a one, two, and three bedroom <br />apartment for a total of 12 residential units. <br />➢ Estimated total taxes on new and existing building construction during the eight <br />year abatement period — $580,917 <br />➢ Estimated taxes being abated on new building construction during the eight year <br />abatement period — $234,495 <br />➢ Estimated taxes to be paid on new and existing building construction during the <br />eight year abatement period — $346,422 <br />EMPLOYMENT EMPACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create 2 permanent, full -time jobs within the eight year abatement period, <br />representing a new estimate annual payroll of $91,520 <br />➢ 14 total jobs will be retained with a total annual payroll of $640,640 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />