Reconfirming 211 W Washington St as an economic revitalization area for ten (10) year real property tax abatement for apartments at The Tower at Washington Square LLC

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