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HomeMy WebLinkAbout17-02 Commerce Center Declaratory 10 year real property tax abatement227 W. JEFFERSON BOULEVARD SUITE 1400 S. SOUTH BEND, IN 46601 -1830 January 4, 2017 CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR COMMUNITY INVESTMENT Council Member Gavin Ferlic, Chairperson Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 46601 PHONE: 574/235 -9371 FAx:574/235 -9021 Filed in Clerk's Office . ,_. C KA EEIiAWH FOWLER CITY CLERK, SOUTH BEND, IN RE: Real Property Tax Abatement Petition for: Commerce Center Development, LLC Dear Council Member Ferlic: Please find the attached information pertaining to a real property tax abatement petition for Commerce Center Development, LLC: ➢ Department of Community Investment's summary report ➢ Copy of the petition ➢ Statement of Benefits form ➢ Supporting information. The report contains the Department's findings relative to the above petition. The total cost for the construction is estimated at $35,000,000. The project meets the qualifications for a (10) ten year real property tax abatement. A representative from Commerce Center Development, LLC will be available to meet with the Committee on Monday, January 9, 2017. Should you or any of the other Council members have any questions concerning the report, or need additional information, please feel free to call me at 235 -5823. Sincerely, Aaron Kobb Director of Economic Resources PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: AARON KOBB SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: Commerce Center Development, LLC DATE: January 4, 2017 On Wednesday, January 4, 2017, a petition from Commerce Center Development, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at 401 E. Colfax Ave., South Bend, IN 46617. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community Investment 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 Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY ➢ Construction of a new multi -tenant mixed use expansion to the existing Commerce Center area including 144 apartments, 30,000 square foot of commercial and retail space, and a parking garage consisting of 500+ spaces. ➢ $35,000,000 investment in new building construction ➢ Total project taxes during the ten year abatement period — $6,264,654 ➢ Estimated taxes being abated during the ten year abatement period — $5,879,877 ➢ Total taxes to be paid during the ten year abatement period — $3 84,777 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create (84) eighty four permanent full -time jobs, representing an approximate new annual payroll of $2,297,568. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted previous abatements and were deemed to be in compliance. 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project or a variance will be sought by the petitioner. 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the River East Development Area. 4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the qualifications for a (10) ten -year real property tax abatement under section 2 -84.2, Real Property Tax Abatement. RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 401 E. Colfax Ave., South Bend, IN 46617 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (10) TEN YEAR REAL PROPERTY TAX ABATEMENT FOR Commerce Center Development, LLC WHEREAS, a petition for real property tax abatement consideration has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 401 E. Colfax Ave., South Bend, IN 46617 and which is more particularly described as: LOTS 19 THRU 24 & EAST 22' VAC BRIDGE ST & WEST 1/2 EAST MILL RACE & VAC ALLEY BET LOTS 21 & 22 OP LOWELL and which has Key Number 018 -5003 -0066 be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et sew., and South Bend Municipal Code Sections 2 -76 et sea., and; WHEREAS, petitioner has agreed to and has accepted responsibility to report any changes in the final legal description and to report the final, appropriate Key Number to the Department of Community Investment and to the Office of the City Clerk; and WHEREAS, the Department of Community Investment has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1 -12.1, et se ., and South Bend Municipal Code Sections 2 -76, et sec,., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Community Investment Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code § 6 -1.1 -12.1 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code § 6 -1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code § 6 -1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to (4) four calendar years from the date of the adoption of this Resolution by the Common Council. The Common Council determines to make the (4) four calendar year designation rather than the (2) two calendar year designation due to the size, scope, and complexity of this project. SECTION VI. The Common Council hereby determines pursuant to Indiana Code 6 -1.1- 12.1 -17 that the property owner is qualified for and is granted property tax deduction for a period of (10) ten years as provided in the following alternate abatement schedule: W, Year Real Property Abatement 1 100% 2 100% 3 100% 4 100% 5 100% 6 95% 7 95% 8 95% 9 95% 10 95% SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5 -3 -1 and Indiana Code § 6- 1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED NOT APPROWD Member of the Common Council 9 Filed in Clerk's Office KAREEMAH ROWLE€1 CITY CLERK, SOUTH REND, IN Commerce Center Filed in Clerk's Office r Commerce Center Development, LLC CITY CLERK, Sr -,U 4 r sal New Investment Discount New InvestnteTnt°AV °0Y°-- --"`�"" 35,000,000 80% 28,000,000 Residential Commercial Garage 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Square Footage Square Footage % AV in $ 293,000 76.26% 21,353,462 62,000 16.14 %_ 4,518,480 29,200 7.60% 2,128,058 384,200 100.00% 28,000,000 Taxes Paid Taxes Abated Total Taxes 0 626,465 626,465 0 626,465 626,465 0 626,465 626,465 0 626,465 626,465 0 626,465 626,465 76,955 549,510 626,465 76,955 549,510 626,465 76,955 549,510 626,465 76,955 549,510 626,465 76,955 549,510 626,465 $384,777 $5,879,877 $6,264,654 c OION W M m mOm n r fmp0� mm o 0 m c7 N O O N N r pmj m V � tr0 fm0 fW0 fm0 O O M N O m N N � o O N So o W O W O n v v M NO u7 N N e r O N W M m cm Mo. 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K, -Pe tfion�merst include $23�. fibng free payable to the City -10 T��� k s Office oronhnetma t e =City sa ebsrte at a - s-'`' ^= y"�z*',�z`^� .t� ou'hendrgoi %governe, /content /tax abatement before car1be nt processing General Information Project Commerce Center Project Number Legal namregs ereIth5ecetar of Commerce Center Development; Madison Street Development; East Bank South Bend Development Busmessstrudure F'� LLC Companywebsite � ` www.Me hewsLLC.com -xv _ .n Proposed Project Proposecpojecta dress'' 401 E. Colfax Ave. gw ParenYcompany amex ,€ r City Stafe' I rs ° South Bend, IN 46617 Legal owner 1 Commerce Center Development, LLC Site acreage o ac eagerequrce ` fs fi real estate aVVne d or Owned Sgoareieet' of faility 87794 If leased by wom�V Primary Contact Information - `�:«.��" Pri s David Matthews Tt(e Member qd ens of cq parry c ntact ,.; 121 S. Niles Ave PFaone 574 -607-4271 G SfateZi `x �` P ; .South Bend, IN 46617 Emad 'david @matthewsllc.com Senior Official Company semor official name Q L David Matthews Title Member Addressbf comp" any contact (f d fferept from Phone 574-607-4271 Gty Sta efip �� Consultant Information/Agent Emad david @matthewsllc.com ire buss es io "m' "suCtan�agentame Consultant release (Y /N) z= gc�dres5 � � "` " " -Local ewnom�c development partners y 1� ',. a oval N City, State Zip }� Email - - Project Overview Bnefdescnp iol of your R Multi- tenant, mixed use expansion: 144 apartments, 30,000 square foot of additional commercial & retail, 500+ parking comRanY Prolec,�t a�nd�uhlllythne structure. n, pro=perty isnecess�a for �Q economicgrowth � � , -�. k p Filed in Clerk's Office KAREEMAH FOWLER REND, IN CITY CLERK: S ©� I Cert�fiedTechnology Park app�apriate Community Remtahz�t,on EnFiancement_ Certify thatthe Building Permit has`not`been _ Y u o = a isstied 144 It- this is a petition for personal property tax abatement has the a ui"ment been installed New Proect Investments by •. Calendar Y�ar,„�a,Jos'retaid `'*"`� 'dotal hourly �a""a �Cumufatwe fi of net NEW full time � Hourly aye�aee wage wJo Total trammg Total #�to be �a?``�� � � ���� ,� wage w o� � created at proJett Calendar �� � r1• �e ar �, �permanentlobs cumulative net newlobs not cumulative � ,, r cumulative Landpagfi�sit $ 0 2015 14 768,000 Buddy g�LeasePments�'�� 2p1g T 84 13.15 80 2019 S QM ISMS BuddmgPurchaseCosts� �� 31 &a" t3 fi New Btiddmg Co stNttmr�r°',. -� ,` $ 35,000,000 2oza � �X Ms I% U1ldIng, mprove- "�menfs �-,� - %� -�_ 20242; M, � ": 2026 x, USE es ne &Equipment $ 225,000 "t Laborer a 12 8 TechnipY 18 New Macch - `Managerial 22 22 Admimstratwe_ 115 r 15 ovl et em' nn ua response e. orcoordinating un , Spec alTnoingJRet ecr x. 3 WorkOne on ru itid ? Does your -companyphave an EEO hrcmg pokey? Are u yo an EEO employer? 7 NewFUrnifur%F�>ures u Yes • • • • .. . . • . • . Please describe your oommitmeot to ' the last three NewComputer /ItLiarwa e diversity, andindusionbyd�llft ur '. rt outreachandreaumenteffot fortfielast 2014 2015. 2016 three years as well as cu;ent polices. _ -- - Fulf.Time PaitTime -. - -, F611 time 'PartTune Full Time Newsoftware # �` Blade O 1 1 0 1 O- On ;ate R Y (nfrastrutture r a: t rxr 6n-r' site Faberinfrastrutture 0 0 0 0 0 Asw 0 0 0 0 0 0 a Indian Full-Time Permanent Indiana-Resident Positions by •. Calendar Y�ar,„�a,Jos'retaid `'*"`� 'dotal hourly �a""a �Cumufatwe fi of net NEW full time � Hourly aye�aee wage wJo Total trammg Total #�to be �a?``�� � � ���� ,� wage w o� � created at proJett benefits orbonuses of expenditure' framed not; �� � r1• �e ar �, �permanentlobs cumulative net newlobs not cumulative � ,, r cumulative 2015 14 768,000 2p1g T 84 13.15 80 2019 S QM ISMS 31 &a" t3 fi 2oza � �X 20242; M, � ": 2026 � Parttlme` "t Laborer a 12 8 TechnipY 18 18 `Managerial 22 22 Admimstratwe_ 115 r 15 ovl et em' nn ua response e. orcoordinating un , David Matthews ecr x. 3 WorkOne on ru itid ? Does your -companyphave an EEO hrcmg pokey? Are u yo an EEO employer? 7 Yes u Yes • • • • .. . . • . • . Please describe your oommitmeot to ' the last three diversity, andindusionbyd�llft ur '. rt outreachandreaumenteffot fortfielast 2014 2015. 2016 three years as well as cu;ent polices. _ -- - Fulf.Time PaitTime -. - -, F611 time 'PartTune Full Time `Paitri ne �` Blade O 1 1 0 1 O- Hktspamc 0 0 0 0 0 0 Asw 0 0 0 0 0 0 a Indian "Fe layer ti 11' 3 0 8 0 5 0 Complete below for Real or Personal Property Please Tax Abatement only. -. t-N , ... n.4.. _ t., _. , . M ,:GPublicBenefitglte.a ,. <; „s .. information is required "96" , both the construction companies and theme x � , � x : s1 com ames hich will rowde materials urchased for this ro act = M . 4uabfy Please below Ifs Earned Points Available Pants coilete the table with the ap�dpnate mformatiorf youquahfy for the poanis, please enter the ull amount of available - �+}:>,- 115{y.ltkx .*§3Rj` Construction Relatetl (Contractors) � a a� o A Employ LocaCOmpanies (75/j g Yes 20 20 ",—t,e `.'•... x"r3 c `a, a , =,f?F 'lx' k.lz`x t ,�, o Purchase Mate[ialsfr4m Loca) Companies Yes 20 20 (75/j Regure Empeess IndependeritContractors Yes 19 19 -' _VD Require PrevaihngWage (Davos Bacon) , y' No 0 22 a� g & x.: E R90ics Health Benefts , No 0 22 �� F Require Pension Benefits No 0 18 it �r : ,Mi , `"� , G Maintain Affirmative AC #ionPlan Yes 20 20 .� x .. �;ux� x ': 79 141 2 1Naiw'e &:Benefit Relatei! (Owner) A Pa Tar et Wa elevels Yes 33 33 B Provitle Heq(tb Benefits Yes 34 34 Mm a r I A �° z r Pr`€ ovide PensionBerefits No 0 29 $� xac D Provide Tray 1i)1g Yes 28 28 t a MW UK e a 2 a `xn. # .. { �` E Pou�de Child CareF Yes 15 15 MR, F Provide TransportaVon A0stance'r Yes 14 14 G Provide Employer 4ssstect housing program ` Yes 9 9 ME Sub total Wage &Benefit Related: 133 162 `? #x Workforce Relatetl. New Create Jobs Yes 42 42 RA B Retain`ExistingJobs Yes 41 41 mtam C Ma Affi`rmatroe Actio "n Plan . Yes 35 35 4 ' D Provide Targeted Hmng Preference 34 Sub total Workforce Related 118 152 Support a Municipal Facility: Support a 58 Municipal.Fadlity (dohations to the A zoo, conservatory, museum, etc.) _ - Yes 84 84 Name`of Facility: Sub total Municipal Facility _ 84 84 Sub-total :from Above: 414 539 Submitted By: WW's ��,,,��� Date: 1) How do I pay my petition filing fee? Your petition filing fee can be paid either in person or via mail to: Or online via paypal at: City Clerk's Office http: / /Southbendin.gov /government/ Attn: Deputy City Clerk content /tax- abatement 227 West Jefferson Blvd. • Suite 400 S South Bend, Indiana 46601 2) Certified Technology Park appropriate? (Page one, under project overview) In the South Bend area there are only two Certified Technology Parks, Innovation Park and Ignition Park. If your property is not located in either then the answer would be no. 3) Community Revitalization Enhancement District? (Page one, under project overview) The map below outlines the CRED area, please check to see if you fall within the boundaries. ._......... ° ICREeD District Boundary N rm s o U � ....Edward c - - 5�5L .._ o E � n - -..- - Legend _a s OCREeD District Indiana - U ' _ Indiana South Bend Parcels IL - ignition Stull c —m Broadway _ Haney N .A 4) Has any 504 funding been received? (Page one, under investment details) 504 Funding is a loan that come from the Small Business Administration. This funding must be applied for to be received. 5) Total training expenditure - not cumulative (Page two, under full time Indiana resident positions) The amount of money to be spent per year on training over the course of the project. 6) Total number to be trained - not cumulative (Page two, under full time Indiana resident positions) The amount of people that you will train per year over the length of the project. If you have any additional questions that are not addressed by this document, please contact Sarah Heintzelman in the Department of Community Investment at 574.235.5842 or email at sheintzeosouthbendin.gov STATEMENT OF BENEFITS 7 ' — REAL ESTATE IMPROVEMENTS State Form 51767 (R412 -13) Prescribed by the Department of Local Government Finance This statement is being completed for real property that qualifies under the following Indiana Code (check one box): ❑ Redevelopment or rehabilitation of real estate improvements (IC 6 -1.1- 12.1 -4) ❑ Residentially distressed area (IC 6 -1.1- 12.1 -4.1) 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise, this statement must be submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. "Projects "planned or committed to after July 1, 1987, and areas designated after July 1, 1987, require s STATEMENT OF BENEFITS. (IC 6-1.1 -12,1) 2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitation, BEFORE a deduction may be approved. 3. To obtain a deduction, a Form 3221RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation Is made or not later than thirty (30) days after the assessment notice is mailed to the property owner if it was mailed after April 10. If the property owner misses the May 10 deadline in the initial year of occupation, he can apply between March 1 and May 10 of a subsequent year 4. Property owners whose Statement of Benefits was approved after June 30, 1991, must attach a Form CF -1 /Real Property annually to the application to show compliance with the Statement of Benefits. (iC 6- 1.1- 12.1- 5.1(b) and IC 6 -9.1- 12.1- 5.30)J. 5. The schedules established under IC 6- 1.1- 12.1 -4(d) for rehabilitated property apply to any economic revitalization areas designated after June 30, 2000, unless an alternative deduction schedule is adopted by the designating body (IC 6 -1.1- 12.1 -17). The schedules effective prior to July 1, 2000, shall continue to apply to economic revitalization areas designated before July 1, 2000. SECTION •- • Name of taxpayer Commerce Center Development, LLC Address of taxpayer (numberand street. city, state. and ZIP code) 121 S. Niles Ave., South Bend, IN 46617 Name of contact person Telephone number E -mail address David Matthews 1(574 ) 607-4271 David @MatthewsLLC.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number South Bend Common Council Location of property County DLGF taxing district number 401 E. Colfax Ave., South Bend, IN 46617 Description of real property improvements, redevelopment, or rehabilitation (use addifional sheets if necessary) Estimated start date (month, day, year) 1/1/2017 Construction of a mixed use, multi tenant building and parking structure Estimated completion dale (month, day, year) August 2020 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Currenlnumber Salaries Numberretained Salaries Numberadditional Salaries 14 768,000 14 768,000 84 2,297,568 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values 1,900,000 2,952,700 Plus estimated values of proposed project 35,475,000 28,000,000 Less values of any property being replaced 475000 0 Net estimated values upon completion of project 36,900,000 30,952,700 SECTION • • AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) Other benefits SECTION - • 1 hereby certify that the representations in this statement are true. Sig natu a of authorized representative Title Membe I)alesigned (month, day, year] 1/4/17 Page 1 of 2 FOR OFTHE DESIGNATING :.. We find that the ,applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution, passed or to be passed under IC 6 -1.1 -12.1, provides for the following limitations: A. The designated area has been limited to a period of lime not to exceed calendar years" (see below). The date this designation expires is B. The type of deduction that is allowed in the designated area is limited lo: 1. Redevelopment or rehabilitation of real estate Improvements 13 Yes ❑ No 2, Residentially distressed areas ❑ Yes ® No G. The amount of the deduction applicable is limited to $ D. Other limitations or conditions '(specify) E. The deduction is allowed for years* (see below). F. Did the designating body adopt an alternative deduction schedule per IC 6 -1:1. 12.1 -17? ❑ Yes El No Ifyes, attach a copy of the alternative deduction schedule to this form. We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved (signature and title of authorized member of designating body) Telephone number Date signed (month, day, year) Attested by (signature and title of attester) Designated body If the designating body limits the time period during which an area is an economic revitalization area, it does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years designated under IC 6-1.1 -12.1 -4. A. For residentially distressed areas, the deduction period may not exceed five (5) years. B. For redevelopment and rehabilitation or real estate improvements: 1- If the Economic Revitalization Area was designated prior to July 1, 2000, the deduction period is limited to three (3), six (6), or ten (10) years, 2. If the Economic Revitalization Area was designated after June 30, 2000, and is not in a residentially distressed area, the deduction period may not exceed ten (10) years. Page 2 of 2 401 E Colfax Ave - Google Maps Google apS 401 E Colfax Ave TnePo me of SY . ��, �osean aoanmems G a w a Page 1 of 1 Map data ©2017 Google 200 ft 401 E Colfax Ave South Bend, IN 46617 https: / /www.google.comlmaps /place/ 401 +E +Colfax+ Ave, +South +Bend, +IN +46617/ @41.6... 1/4/2017 STATEMENT OF' O'EME—PITS REAL 'ttTATEIMPROVEMENTS W16F orrri 611767-( - R4 1-9-13) Prescribed by tOe. Department of Local 69verrimerit. Filed in Clerk's UMO WLER KAREEM, ITY CLERK, ,,TH BEND, IN This: statement is being polT plbipd for .To 10rq'Per(Y1DaL&0j!fi0 OhOerthe folloWling Indiana Code (check one ❑ 'R'p­develbprrjerl[-or rehabilitation - df real estate improverpen't's'.VC 6-11.1-12,44)", 'El RWdenUally distressed area (Id 6=11•-1*2.'1-4:1) 1. -This jenfAt inust.b& sabmfitdd to the bbdy des I 1g6aqn4-the EconomAd Revitalization Area pnorto Me pdbllc heanng if the designating body r6quffids information from the applicant in making its decision about whether to . designate an Economic Vavlt6fiz . ationArea- .(.)therw.7s6i,thi,�stateind).i'tywifs b6 submitted d to the designating body BEFORE the radiAi6ldprnaint or'nallabilitation of real property for which the person wishes td tlakh' 1 deducIW". or 66irimflied td aftdrJ* 1, 1984 and areas designated after july, 1, 1987, raqdfre a STATEMENT OF B'E-NEFITS. (IC 64;1-12. 1) h ... ?Oii�n�tlng body CA 2. Approval qf t, q.-; , , 6wnBofirQ,,Cot)nlyC6Un etp.) must be.obtalnedpriorto initiation of the tedeVelopmeht dl�' (jalty Council, T �dhilbili'latibri;. BE#OR-519 deduction'Miy 66 �ippi6ved. -31 • To b9tkii'b deduction, a Farm '3221RE Must be. . Ned with M6 Wuniy Alidjf6Ybetom May 16.1n.the yqarh wfilch the addition to assessed valuddoh is rhij'de: �i'�oihflt4rihA thirty (3o days assessment fled to the propeqy .R�deilhe' ssihebt notice Is trailed lftheptqpaity:p* r rttfsses'the JYtay 70 rieadline in the initial year of occupation, . e . can apply between . Atarcii 1'iind:!Vay 16 of q gObsequent year. P-40rty qvt psis whcrs 6 S6teimbnt of oanerjts was bpproved after June 30, 1991, mu'st affach a Form CA:4A&a!'Pfoodity dnnOally to the appficqtjqn to ghqW:Fomp1iapce with the Statement of Benefits. P&M. and IC 5, The schedules astabjfshbd under lC 6- 1.1- 12.1-4(o7 f6i ehbbkmted &p&r(y.app.fy to any economic rayfthailan areas desigiWed dfi6r Jdnb 30, -2000, -hadV6 dl'd=tiO� s�h6dule M adopted the de�lgh�Uh4 body {IC 1--lij, Uni65 1, 2000, phatl . unless ...' . . , '� t tloh.iraas designated before 4.41y 1,2000. gontlnue� to $Pfify 6'..eqqpomic revile) milli-III Namecifiaxpayer Commerce Center Development, ILLC Addra'sfijof taxpayer (izurnber0adstreet., 0Y. Plate, and ZIPcode) 121 S. Niles Ave., South Bond, IN 466117 Name.ja(pontact pprsorl Telephone niifilbet .E -mail address David Matthews (674 t 607 -4271 Davld@MatthewsLLC.com �01 USLOW 1141 Ell .110111 X-M-1. ft-�] ff. 151 ETS] U-Mil a Nil 131 Name of deslgnalirig body Resolution number South Bend Common Council Location-'of property County DLGF taxing district number 401 E. Colfax Ave., South Bend, IN 46617 Description of NA pr9perly kmpfoVemen1s. (q0evqlopMenL of rehabilitation (use additiqndl sheets Ifirecessary) EsgmaledsW q4ta"(mqr;1h, day, . 1/11/2,017 I Construction of a mixed use, multi tenant building and parking structure EWMatkd,;*rppIefiqn qate.(n;qn1h, day, year) August202O QW um ni number Salaries Number retained Salaries NurhiJer additional Salaries .. 768,000 14 788,000 1 84 2 297.568 REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE —7CUrTe'ni ya[W 1,900.000 2,952,700 P(VA esfiniafgd.valges 6f.0 igigegl 35,475,000 28,000,000 Less, values -.61'any property '61fid'rejifa(bd 475000 0 NO- estimates values upoh bdinbfefid A of project 36,900,000 30,952,700 Es;HmEiled solid waste-conVertod (pounds)_ Es11,"Ipd h.U4rdp lYS yvaste corivprtgd_ (pounds) Othebe i6fiti SECTION 6 TAXPAYER CERTIFICATION I hereby y PS ifi this slit6ffieft ifeJ" r w; Siqniitti:" F th- - drepresenYatiOe TUe Dare igned.(ritpntrr dayyedd 1/4/17 Page 1 of .2 Rage We We find that the applicant meets the general dt'andards..i6.the- resolution .adopfqtd onto be adopted by Uilq body. Said resb1ujiok'pjs50d 'or ,to bq passed W UnderM provides for the fdllow.ing limitations: A. The dee@rialbd area has been•11miled tb 6 66riod-bf-Jim-6 not to 6k.ceed_ calendar years't'.(See below). The date ihis designation expires Is B. The type b bdIn-.jh4q0gj natOd p&� of. deduction that is. � W.. 1 Red6velopment.p r reh b q..! l italijoh pf real estate improvements Cll '?as- ❑ No 2. Residentially.dis[r.essed.eireas ❑..Ya 13 No .q.. The amount of the cieductitqi applicable is limited to $ 6: Other limitations-or d6ndidbrig'.(spec, The deduction is allowed for - years? (see belouv). F Did Ifte de� - i&aft body adopt #h filter6atf%fd deduction schedule per [C 6=IAA2,1-17? Ll Ypi ❑No lf:pes, 'attach a.cb0y6 the kfte ave'.deductioh schedule to this form. We We also �evlewed the information contained in the bWeinerit: of bone% and find that the edrp'otobrid jaxpppj4Vbnsare reasonable apO have detqrmln dd * th at the totality of ti§ b 6fifs Is sufficient 16 justify the I qo�p tibini de*4im."n b a ij-.a6 ove. Approved (s1gna[qraand Me ofauthofized member of designefing-bodi) Telephone number Date sfgdqii (maniti, 0Y. year) Attested by {signature and Mile of affpste6 Designated body If the d6gignat1bg bddy. 1191(s th6 Itrne beflod.otlrjPg Wftfiq�'.ah area is an econpmfc revitalization area, it does not limit the length of t1rhd a taxpdyer is -erit; fo ' cetve a -�eductiqn lo.'a n'umberof years des(bnafdcf under IC 6- 1.1- 12.4:4. itle re For re;idqnllajly distr6sqd areas, ft. dq0uqtigj pe�.W may; not exceed -rye (5) years. For redevelopment and re�. provemenfs: B. a8illtation or real :estate im 1I If the EcoribMid Reiritalizatibn Area was desigriat6d.'Prioito July, 1, .2000, thedodudliori Peri6d Is Ifffifted to three (3), six (6), or ten 00) years; , If thd Ec6hbrhlb. Revitalization Arba was des.igrtated *Ree j4pe -and is not in restdenlfaily distressed area, the deductfoh period rna not .exceed ten (10) years, Rage 401 E Colfax Ave - Google Maps ? Page 1 of 1 Google M I 401 E Colfax Ave Map data ©2017 Google 200 ft! M1 401 E Colfax Ave South Bend, IN 46617 https:llwww:google. comlmapsl place /401 +E +Colfax+ Ave,+ South +Bend, +IN +466171(x,41.6... 1/4/2017 A .. -_� IiCClbl.ln'nph 1'a ®BUq NIn9 # — V, I A. © YY Wnll lasn Ave WL Be.Ai lJ tll I "F„ EL 211 Fa L F "� L L 2 tL snahfn r Bedsdl6l A�lnon Sou1GBeMl!-LLa r 1 2 '� } — �, II A — ® 'ID ECOIIq% p- _EC rs - 3 i dGes4adhB' . F� ®^ E yam" B — _lu cY A` r,. 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