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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: AARON KOBB <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITIONS FOR: <br />The Tower at Washington Square, LLC <br />DATE: March 9, 2016 <br />Attached please find the petitions of The Tower at Washington Square LLC (the <br />"Petitioner "), seeking real property tax abatement for the real property within the City of <br />South Bend, Indiana, commonly known as 211 West Washington Street (the "Property "). <br />In order to permit Petitioner to increase the scope of the rehabilitation of the Property, <br />Petitioner requests that the Common Council rescind Resolution 4353 -14 adopted on April <br />28, 2014 by the Common Council and Resolution No. 4361 -14, adopted on May 12, 2014 <br />by the Common Council which previously designated the Property as an Economic <br />Revitalization Area for the purposes of tax abatement and only for a period of two (2) <br />calendar years. As part of the increase in scope of rehabilitation, the Property shall be <br />subdivided into four (4) separate tax parcels based upon the designated use of each tax <br />parcel. The designated uses of the parcels shall be (i) a hotel; (ii) retail; (iii) parking garage; <br />and (iv) residential apartments. Upon the subdivision of the Property, the Petitioner expects <br />that each parcel will be owned by a separate entity, each affiliated with the Petitioner. The <br />Petitioner requests a vacant building deduction for the parcel designated for a hotel. At <br />this time, the Petitioner also requests a deduction for real estate improvements for the retail, <br />parking garage, and residential uses. The requested tax deduction for the hotel, retail, <br />parking garage and residential are set forth in the tax abatement schedule in each petition. <br />The Petitioner requests that the Common Council now consider the (4) four petitions filed <br />herewith and adoption of the related confirming resolutions. <br />The Common Council should note the following exceptions to the local ordinance being <br />requested for these petitions: <br />Tower — Hotel <br />➢ Standard designation for an Economic Revitalization Area is two years. <br />Petitioner is requesting this be three years. <br />Project would qualify for a two year vacant building abatement. Petitioner <br />is requesting a ten year abatement. <br />➢ Petitioner is requesting a revised abatement schedule as detailed in the <br />accompanying Confirming Resolution. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />