Bill 16-20 Tax Abatement for Cohn & Cohn Investments LLC

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: Cohn & Cohn Investments, LLC DATE: March 8, 2016 On Wednesday, March 9, 2016, a petition from Cohn & Cohn Investments, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at Blackthorn Corporate Office Park Lot 6, South Bend, IN 46628. 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 ➢ Approximately $1,600,000 construction of a new commercial distribution and office facility in the Blackthorn Corporate Park. The facility will serve and support the expanding operations of UniFirst, one of the nation's largest workwear and textile service companies. ➢ Estimated total taxes on new building construction during five year abatement period — $231,660 ➢ Estimated taxes being abated on new building construction during five year abatement period — $103,007 ➢ Estimated taxes to be paid on new building construction during five year abatement period — $128,653 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create 5 permanent, full -time jobs within the five year abatement period, representing a new annual payroll of approximately $202,800 ➢ 23 total jobs will be retained with a total annual payroll of approximately $932,880 PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB