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CITY OF SOUTH BEND <br />PETITION FOR REAL PROPERTY TAX ABATEMENT CONSIDERATION <br />The undersigned owner(s) of real property, located within the City of South Bend, <br />hereby petition the Common Council of the City of South Bend for real property tax <br />abatement consideration and pursuantto i.C., 6-1.1-12.1-1, etsecl., and South Bend <br />Municipal Code Sec. 2-76 et se .for this petition states the following: <br />1. Describe the proposed redevelopment or rehabilitation project, including <br />information about physical improvements to be made, the proposed use of the <br />improvements, and a general statement as to the importance of the project to <br />your business: <br />The existing Drake Motel located on the property is to be torn down and <br />replaced with a 3 story, 71. room, "Choice Suites" hotel. The new hotel <br />will be constructed with all th? current modern conveniences including <br />a conference room. <br />Land Size ~.3 Acrag acres; Building Size 43,368 sq.ft. <br />2. Describe the overall nature of the business and of the operations occurring at <br />the Property (attach additional sheet if more space is needed): <br />This new hotel - a "Choice SuitPS" hotel -will provide the south side <br />of South Bend with 71 new lodging rooms supported by the Comfort Suites/ <br />Choice Suites hotel chain. <br />3. Estimate the dollar value of the project (excluding land): $ 3, 500, 000.00 <br />Three million five hundred thousand <br />4. The current assessed valuation of the real property before rehabilitation, <br />redevelopment, economic revitalization, or improvement: $ 226, 500.00 <br />Land - $54,300.00 Improvements - $1.72,200.00 <br />5. (a) The real property for which tax abatement consideration is petitioned (Property) is owned <br />(Rev 8/11/03) j <br />