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TAX <br />tTEMENT REPOR' <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: AARON KOBB <br />Filed in Clerk's Office <br />EAY 4 2�1f i <br />KAREEMAH FOWLER <br />CITY CLERK, 'SOUTH BEND, IN <br />SUBJECT: VACANT BUILDING PROPERTY TAX ABATEMENT PETITION FOR: <br />Appletree Associates, LP <br />DATE: May 4, 2016 <br />On Wednesday, May 4, 2016, a substitute petition from Appletree Associates, LP was <br />received and subsequently filed with the City Clerk for vacant building property tax <br />abatement consideration for property to be located at 1915 Bendix Drive, South Bend, IN <br />46628. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City <br />of South Bend, this petition was referred to the Department of Community Investment for <br />purposes of investigation and preparation of a report determining whether the area qualifies <br />as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />➢ This 64,500 sq. ft. facility includes production, warehouse, and office space on 4.45 <br />acres adjacent to the South Bend Airport and has been vacant since 2007. Royal <br />Adhesive wishes to move into the facility in order to expand their current operations <br />and help revitalize the area. <br />➢ Private investment of approximately $182,000 towards building improvements and <br />$133,000 towards new machinery and equipment and other upgrades <br />➢ Total project taxes during two year abatement period — $62,932 <br />➢ Estimated taxes being abated during two year abatement period — $39,188 <br />➢ Total taxes to be paid during two year abatement period — $23,744 <br />EMPLOYMENT IWACT <br />Per the petition, it is estimated that the total project will: <br />➢ Create three (3) permanent, full -time during the two year abatement period, <br />representing a new annual payroll of $121,805 <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB <br />