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HomeMy WebLinkAbout17-08 Designating a nine (9) year real property tax abatement for GLC III227 W. JEFFERSON BOULEVARD SUITE 1400 S. SOUTH BEND, IN 46601 -1830 February 22, 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 FEB 2 2 2017 I KAREEAAAH FOWLER CITY CLERK, SOUTH BEND, IN RE: Real Property Tax Abatement Petition for: GLC Portage Prairie III, LLC Dear Council Member Ferlic: Please find the attached information pertaining to a real property tax abatement petition for GLC Portage Prairie III, 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 $13,500,000. The project meets the qualifications for a (9) nine year real property tax abatement. As discussed with Council, DCI's ability to flexibly approach projects has led staff to conclude that a 6 (six) year abatement best meets the needs of both the developer and the City. A representative from GLC Portage Prairie III, LLC will be available to meet with the Committee on Monday, February 27, 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 REPOR T TO: SOUTH BEND COMMON COUNCIL FROM: AARON KOBB Filed in Clerk's Office FEB 22 2017 KAREEMAH FOWLER CRY CLERK, SOUTH BEND, IN SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: GLC Portage Prairie III, LLC DATE: February 22, 2017 On Wednesday February 22, 2017, a petition from GLC Portage Prairie III, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at the northeast comer of Adams Road and U.S. 31, South Bend, IN 46628. 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 approximately 315,000 sq. ft. spec commercial distribution and light assembly facility (and related paving/parking and other site improvements) to serve and support the needs of commercial/distribution users considering South Bend as a business site ➢ $13,500,000 investment in new building construction ➢ Total project taxes during the six year abatement period — $1,822,500 ➢ Estimated taxes being abated during the six year abatement period — $1,822,500 ➢ Total taxes to be paid during the six year abatement period — $0 ➢ Annual tax generation beginning after six year abatement period - $303,750 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will: ➢ Create (100) one hundred permanent full -time jobs, representing an approximate new annual payroll of $4,784,000. 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 West Development Area. 4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the qualifications for a (9) nine -year real property tax abatement under section 2 -84.2, Real Property Tax Abatement. As discussed with Council, DCI's ability to flexibly approach projects has led staff to conclude that a 6 year abatement best meets the needs of both the developer and the City. 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 Northeast Corner of Adams Road and U.S. 31, South Bend, IN 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (6) SIX YEAR REAL PROPERTY TAX ABATEMENT FOR GLC Portage Prairie III, 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 the Northeast corner of Adams Road and U.S. 31, South Bend, IN 46628 and which is more particularly described as: S PT NW & W END N SW & W END S SW EX 11.653 AC TO STATE & NE PT SW SEC 8 38 2E TOTAL 119.107 AC ANNXD 06 -07 ORD #9638 -05 and which has Key Number 025- 1002 - 001301 be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et se g., and South Bend Municipal Code Sections 2 -76 et seq., 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 seq., and South Bend Municipal Code Sections 2 -76, et se q., 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 (2) two calendar years from the date of the adoption of this Resolution by the Common Council. 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 (6) six years as provided in the following abatement schedule: 2 Year Real Property Abatement 100% 2 100% 3 100% 4 100% 5 100% 6 100% 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. Member of the Common Council Filed in Clerk's Office FEB 2 2 2017 g(22�!SENtEfS 3 KAREEMAH FOWLER NOT APPRC VTr CITY CLERK, SOUTH BEND, IN rryr)P (r_r RESOLUTION NO. A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS Northeast Corner of Adams Road and U.S. 31, South Bend, IN 46628 AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (6) SIX YEAR REAL PROPERTY TAX ABATEMENT FOR GLC Portage Prairie III, LLC WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as the Northeast corner of Adams Road and U.S. 31, South Bend, IN 46628 and which is more particularly described as follows: S PT NW & W END N SW & W END S SW EX 11.653 AC TO STATE & NE PT SW SEC 8 38 2E TOTAL 119.107 AC ANNXD 06 -07 ORD #9638 -05 and which has Key Number 025 -1002- 001301 be designated as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization. Area for the purposes of tax abatement. Such designation is for Real Property tax abatement only and is limited to (2) two calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for up to a period of six (6) years as provided in the abatement schedule below pursuant to Indiana Code 6- 1.1- 12.1 -17 and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6- 1.1 -12 et seq. Real Property Year Abatement 1 100% 2 100% 3 100% 4 100% 5 100% 6 100% SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. 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City, state, zip South Bend, Indiana 46628 Legal owner Waggoner's Dairy Farm, Inc. N/A Site acreage or acreage required —28.7 Acres +/- Is the real estate owned or Owned Square feet of facility 315,000 If leased by whom N/A Pritnary Contact Information Primary company contact name Ryan C. Rans Title Managing Member ompany contact 112 West Jefferson B lvd., Suite 200 Phone (574)251 -4400 FAddress ip South end, Indiana 46601 Email mans @greatlakescapital.com icial Information nior official name Jeff Smoke Title Director of Development Address of company contact (if different from above ) 112 West Jefferson Blvd., Suite 200 Phone (574) 855 -5700 City, State, zip South Bend, Indiana 46601 Email jsmoke @greatlakescapital.com Consultant Information /Agent Hired business consultant /agent name Richard J. Dcahl, Barnes & Thornburg LLP Consultant release (Y /N) YeS Address 100 N. Michigan Street, Suite 700 Local economic development partners a royal Y N City, state, zip South Bend, Indiana 46601 Email rdeahl @btlaw.com Project Overview Brief description of your company, project, and why the Great Lakes Capital ( "GLC "), the sponsor /affilate of GLC Portage Prairie III, LLC, property is necessary for is a real estate development firm with experience in public - private development economic growth initiatives. The proposed project involves an investment of between $15.0 and $16.0 million in the property acquisition, development and construction of a new commercial distribution and light assembly facility containing approximately 315,000 square foot (or more) together with related site improvements (paving /parking, etc.). The applicant is proposing to make this a build to suit development for a global tenant. The proposed tenant is looking to consolidate operations (including sites in South Bend) and to increase new employment by over 100 additional jobs to the area (in addition to keeping the current workforce of 300 local). The tenant also desires frontage along US 31 for a visibility purposes. Ted ID CIE rk's Office Certified Technology Park appropriate N/A Is the project in a Tax Incremental Financing F , Yes (Airport Economopme nt Area) FEB 2 2017 Certify that the Building Permit has not been No Permit Number of residential units created by r . _ N/A (0) - If this is a petition for personal property tax abatement, has N/A FOWLER the equipment been installed SOUTH BEND, IN Investment Details Public Infrastructure needs (Off- site of project in dollars) Has any 504 funding been received? What is the value of any equipment being purchased in Indiana for the project? What is the value of any equipment being purchased from out of state for the project? N/A N/A N/A New Project Investments Calendar Year Land Acquisition Building Lease Payments Building Purchase Costs New Building Construction Existing Building Improvements New Machinery & Equipment Special Tooling /Retooling New Furniture /Fixtures New Computer /IT Hardware New software On -site Rail Infrastructure On -site Fiber Infrastructure 2016 2017 2018 2019 2020 2021 2022 2023 $ 750,000 $ 13,500,000 TOTAL 14250000 Sol S 01 S 0 Full -Time Permanent Indiana - Resident Positions by Calendar Year Calendar Year lobs retained Total hourly wage w/o fringe or bonuses Cumulative tt of net NEW full time permanent jobs created at project Hourly average wage, w/o benefits or bonuses, of cumulative net new jobs Total training expenditure- not cumulative Total # to be trained-not cumulative 2016 2017 0 2019 100+ S23 2019 2020 2021 2022 2023 2024 2025 2026 2027 Provide hourly wage information for new employees in the following positions. Full time Part time Laborers N, A Technical Managerial Administrative W o wi e t e in ivi ua responsible for coor inaung wit WorkOne on recruiting? N �H Does your company have an EEO hiring policy? NIA Are you an EEO employer? Please list the number of full time and part time minority and /or female employees for each of the last three years-_ Please describe your commitment to diversity and inclusion by detailing your outreach and recruitment efforts for the last three years as well as current policies. - Year N,'A N ,'A A Full Time Part Time Full Time Part Time Full Time Part Tme Blade Hispanic Asian Indian Female Other DocuSign Envelope ID: 93FFE9DB- 24EC- 4A8E- 8F37- 772DF2DOBEC2 Complete below for Real or Personal Property Tax Abatement only. Please sign for all requested incentives. Public Benefit Item: Information is required on both the construction companies and the companies which will provide materials purchased for this project. Please com complete the table below with the a p appropriate information. If you qualify for the points, please enter the full amount of available points. Qualify (yes or No) Earned Points Available Points 1 Construction Related (Contractors►: A. Employ Local Companies (75 %) Yes 20 20 B. Purchase Materials from Local Companies (75 %) Yes 20 20 C. Require Employees vs. Independent Contractors Yes 19 19 D. Require Prevailing Wage (Davis Bacon) No 22 E. Require Health Benefits Yes 22 22 F. Require Pension Benefits No 18 G. Maintain Affirmative Action Plan Yes 20 20 Sub -total Construction Related: 101 141 2 Wage & Benefit Related ( Owner): A. Pay Target Wage Levels Yes 33 33 B. Provide Health Benefits Yes 34 34 C. Provide Pension Benefits Yes 29 29 D. Provide Training Yes 28 28 E. Provide Child Care No 15 F. Provide Transportation Assistance No 14 G. Provide Employer Assisted Housing program No 9 Sub -total Wage & Benefit Related: 2 16 3 Workforce Related: A. Create New Jobs Yes 42 B. Retain Existing Jobs Yes y1 _ 35 C. Maintain Affirmative Action Plan Yes 35 D. Provide Targeted Hiring Preference 34 Sub -total Workforce Related: 8 S2 4 Support a Municipal Facility: A. Izoo, Support a SB Municipal Facility (donations to the con5ervatory, museum, etc.) g4 Name of Facility Zoc Sub -total Municipal Facility: _. F_ Sub -total from Above: 539 7 The undersigned owner(s) of real property, located within the City of South Bend, herby petition the Common Council of the City of South Bend for a real and /or personal property tax abatement consideration and pursuant to I.C., 6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sec. 2 -76 et se g. for this petition state the above. Submitted By: I I kjf ' uW ktf_ I Date: 112/27/2016 1 of" I r3'11 For Staff Use Only Below This Line What is the current assessed value? Real Property: -70, 700 Personal Property: p ty: What Is the projected assessed value? Real Property: /D, !a S,c3o^ Personal Property: p ty: What is the tax key number for this project? o as- /000 -00/3c,/ What is the six digit NAILS code? Please attach a Google map and street view of the location. Please list the amount of real and personal property taxes paid for the last rive years when applicable. Real Property Taxes: Personal Property Taxes: Year One 7S" 7 Year Two 4/41 Year Three g q0 / 3 Year Four SS C/ as Year Five - 3 6 c) 7 Please fill out the following Public Benefit Summary Information and add to total from above. Y or N Points Points Public Benefit Item: Project Related: 5 A. Redevelop a Site that has Special Needs No 49 B. Develop Based on local University Research No 35 C. Achieve a Physical Element of a Plan Yes 36 Sub -total Project Related: 36 120 6 Super Size Projects (point values are cumulative): A. 100% to 199% Yes a S 25 B. 200% to 299% Yes 68 C. 300% to 399% Yes 65 D. 400% and Over Yes moo? 52 Sub -total Super Size Projects: oZ C 210 7 PAY—for Municipal Infrastructure: A. Pay for Oversizing or Upgrading 14 B. Pay for 26 -50% of Extension Cost 26 C. Pay for 51 -75% of Extension Cost 39 D. Pay for 76 -100% of Extension Cost 52 Sub -total Infrastructure Related: i31 Total from Applicant Section: 4,5Z 7 539 Total from Staff Section: 10 461 Total Public Benefit Points: 637 1000 DocuSign Envelope ID: 93FFE9DB- 24EC- 4A8E- 8F37- 772DF2DOBEC2 40 STATEMENT OF BENEFITS REAL ESTATE IMPROVEMENTS State Form 51767 (R6I 10 -14) Prescribed by the Department of Local Government Filed in Clerk's Office 20 PAY 20 FEB 2 2 2017 FORM SB -1 I Real Property ance PRIVACY NOTICE This statement is being completed for real property thatqualifies under 11, he folio ® box): Any information concerning the cost ❑ Redevelopment or rehabilitation of real estate improvements (IC 6- 1- 4 of the property and specific salaries ❑ Residentially distressed area (IC 6- 1.1- 12.1 -4.1) dW 61 -ERK, SOUTH BEND, IN paid to individual pro oner confide bntial p e er IC 6 -1.1- 12.1 -5.1. INSTRUCTIONS: 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 orrehabilitation of real property for which the person wishes to claim a deduction. 2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of the redevelopment or rehabilitation for which the person desires to claim a deduction. 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 thlity (30) days after the assessment notice is mailed to the property owner if it was mailed afterAprii 10. A property owner who failed to file a deduction application within the prescribed deadline may file an application between March 1 and May 10 of a subsequent year. 4. A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF -1 /Real Property. The Form CF -1 /Real Property should be attached to the Form 3221RE when the deduction is first claimed and then updated annually for each year the deduction is applicable. IC 6- 1.1- 12.1- 5.1(b) 5. For a Form SB -i /Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each deduction allowed. For a Form SB -1 /Real Property that is approved prior to July 1, 2013, the abatement schedule approved by the designating body remains in effect. lC 6 -1.1- 12.1 -17 SECTION •. • Name of taxpayer GLC PORTAGE PRARIE III, LLC Address of taxpayer (number and street, city, state, and ZIP code) 112 W Jefferson Suite 200 South Bend IN 46601 Name of contact person Telephone number E-mail address Jeff Smoke ( ) 574- 251 -4400 'smoke @greatlakescapital.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of eeldna ng ody Resolution number Common Council of City of South Bend Location of property County DLGF taxing district number NE Corner of Adams Rd. and US 31 St. Joseph 71 -003 Description of real property improvements, redevelopment, or rehabilitation (use additional sheets ifnecessary) Estimated start date (month, day, year) Feb 15, 2017 Proposed investment of at least $13,250,000 in the development and construction of a commerical Estimated completion date (month, day, year] "spec" facility containing approximately 315,000 square feet (or more) December 1, 2017 SECTION 33 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Selarles Number retained Salaries Number additional Salaries 300 $11 -35+ 300 $11 -35+ 100 $11 -35+ SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values Plus estimated values of proposed project 114,250,000 Less values of any property being replaced Net estimated values upon com letlon of ro act 14 250 000 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) I Other benefits I I hereby certify that the representations in this statement are true. zed representative Date signed (month, day, year) ny.,e A,es 112/13/16 naatetjAtpj sized representative Title Ryan C. Rans Managing Member of Manager Page 1 oft I FOR :.o 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 time 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 to: - 1. Redevelopment or rehabilitation of real estate improvements ❑ Yes ❑ No 2. Residentially distressed areas ❑ Yes ❑ No C. The amount of the deduction applicable is limited to $ D. Other limitations or conditions (specify) E. Number of years allowed: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (*see below) ❑ Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 ❑ Year 10 F. For a statement of benefits approved after June 30, 2013, did this designating body adopt an abatement schedule per IC 6- 1.1- 12.1 -17? ❑ Yes ❑ No If yes, attach a copy of the abatement schedule to this form. If no, the designating body Is required to establish_ an abatement schedule before the deduction can be determined. 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 ofdeslgnatingbody) Telephone number Date signed (month, day, year) Printed name of authorized member of designating body Name of designating body Attested by (signature and title of aHesteh Printed name of attester * if the designating body limits the time period during which an area is an economic revitalization area, that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under 1C 6- 1.1- 12.1 -17. A. For residentially distressed areas where the Form SB -1 /Real Property was approved prior to July 1, 2013, the deductions established In IC 6 -1.1- 12.1 -4.1 remain in effect. The deduction period may not exceed five (5) years. For a Form SB-1 /Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten (10) years. (See IC 6-1.1- 12.1 -17 below.) B. For the redevelopment or rehabilitation of real property where the Form SB -1 /Real Property was approved prior to July 1, 2013, the abatement schedule approved by the designating body remains in effect For a Form SBA/Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each deduction allowed. (See IC 6 -1.1- 12.1 -17 below.) IC 6 -1.1- 12.1 -17 Abatement schedules Sec. 17. (a) A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based on the following factors: (1) The total amount of the taxpayer's investment in real and personal property. (2) The number of new full -time equivalent jobs created. (3) The average wage of the new employees compared to the state minimum wage. (4) The Infrastructure requirements for the taxpayer's Investment. (b) This subsection applies to a statement of benefits approved after June 30, 2013. A designating body shall establish an abatement schedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may not exceed ten (10) years. (c) An abatement schedule approved for a particular taxpayer before July 1, 2013, remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. Page 2 of 2 2/22/2017 321 S Main St- Google Maps Imagery ©2017 Google, Map data ©2017 Google 500 ft e - -- A Filed in Clerk's Office FEB 2 2 2017 KAREEMAH FOWLER CITY CLERK, SOUTH BEND, IN https:/A,vww.google.com/Maps/pi ace 1321 +S +M ai n +St +South +Bend ±IN +46601 / @41.7535728,- 86.3345886,1805m /data =!3m 1H 1 e3!4m 5!3m4!1 sOx8816cd33dc8e... 1/1