Confirming Tax Abatement - 1728 North Ironwood Drive - Robert R. Lee (C.E. Lee Company, Inc.)

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L Benjamin Decorating _,-~ ~`~~ Moore® r~ ~ ~ Center Paints ~=`= 1728 North Ironwood Dr. South Bend, IN 46635 Phone 574-272-6888 Fax 574-272-9503 Dear Mr. Mathia, I am writing in regards to our request to the Common Council regarding tax abatement. We first became aware of our lack of proper insurance coverage after our fire. Our local agent failed to provide us with accurate market pricing and replacement cost to rebuild our building as it stood previously. As the result of that, we found ourselves $120,000 underinsured in just the rebuilding of the structure alone. We were also underinsured $50,000 on our contents, $35,000 in IDEM testing and cleanup. Also, as a result of the destruction, a portion of our computer records were lost and $10,000 from our accounts receivable were a loss, as well as, revenue losses due to the disruption exceeded $100,000. We are asking for this special exception not only because of our tragedy but for the fact that we have been part of The City of South Bend since 1872. In the history of South Bend, we were quite prominent. Our future building and the goals we have to increase sales, customer service, and innovative decorating needs will not only benefit C.E. Lee Company but The City of South Bend and its citizens as well. We look forward to future locations in The City of South Bend and branding ourselves in this community as "the place" for your decorating needs. We have discussed moving to another location outside of The City of South Bend, however, we would prefer to rebuild at our former location, 1728 North Ironwood. Because of the additional cost to rebuild and the current state of the economy, tax abatement would prove to be crucial while we are rebuilding and implementing our strategy to grow within this community. As well as, rebuild our customer base and increase revenue flow. We currently employ 5 full time employees and 3 part time employees. We have employed minorities in the past, as well as currently. We brought on an additional 2 full time employees after the fire to assist in clean up and preparation to raze the damaged building. We will be adding a second floor for more space and additional storage for stock which will increase sales and a need for additional positions. We plan to add 2-3 other positions once we are in our new location.