Confirming Tax Abatement - 5855 Carbonmill Drive - GWSB Properties, LLC

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TAX ABATEMENT REPOR T TO: SOUTH BEND COMMON COUNCIL FROM: Kathy Hahn SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: GWSB Properties, LLC (Lessee: Corporate Services, Inc.) DATE: June 22, 2007 On June 22, 2007, a petition for real property tax abatement consideration for property located at 5855 Carbonmill Drive, South Bend was filed with the City Clerk by GWSB Properties, LLC. . Pursuant to Chapter 2, Article 6, Section 2-82 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community and Economic Development for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. The Department of Community and Economic Development has reviewed the petition, investigated the area, and makes the following report. PROJECT SUMMARY Corporate Services, Inc., the lessee, performs marketing services including printing, packaging, assembly, warehousing, and distribution. The owners of the project, GWSB Properties, LLC intend to add mechanical equipment to provide temperature and humidity control to the entire operation. Due to the types of materials which Corporate Services, Inc. stores and handles for their current and prospective clients, humidity control is a contractual requirement to obtaining and keeping their business. Without it, they cannot operate in that facility. The estimated dollar value of the project is $300,000 to $500,000. Total taxes to be abated during the (6 )six-year abatement period are estimated at $36,094 for a project cost of $300,000 and $60,157 for a prof ect cost of $500,000, which is the range the company has provided. Total taxes to be paid during the (6) six-year abatement period are estimated between $25,430 and $42,383.