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HomeMy WebLinkAbout18-19 Designating Property Tax Abatement Petition - Wharf Partners, LLC O4 SpUTH.& Filed in Clerk's Office U d \PEACP x x EAPR8 2018 1865 KAREEMAH FOWLER CITY OF SOUTHBENI[i�'n'CLERK,souTH�. w COMMUNITY INVESTMENT JAMES MUELLER, EXECUTIVE DIRECTOR April 18, 2018 Council Member Gavin Ferlic, Chairperson Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 46601 RE: Real Property Tax Abatement Petition for: Wharf Partners,LLC Dear Council Member Ferlic: Please find attached the Department of Community Investment's report on a real property tax abatement petition for the above-referenced petitioner. Also attached is a copy of the petition, Statement of Benefits form, and supporting information. The project calls for the construction of a mixed use building, located at 320 East Colfax Avenue, South Bend. The report contains the Department's findings relative to the above petition. The total cost for the construction (Phase I) is estimated at $19,350,000 over a two year period. The project meets the qualifications for a six-year real property tax abatement and a representative from Wharf Partners, LLC will be available to meet with the Committee on Monday,April 23, 2018. 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. A y,Bucke yer Director of Business Development and Economic Resources DANIEL.J.BUCKP.YNIE-Lit AL.KEYNA ALDRIDGE PAIMEIA MEYER TUI CORCORAN BUSIVESs DEVELOPMENT ENGAGEhfENT&PCO\OMIC EMPOR'ERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&CO-NIMUMTY RESOURCES EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p574.235.9371 www.southbendin.gov Filed in Clerk's Office APR 18 2016 KAREEMAH FOWLER TAX ABATEMENT REPORT CITY CLERK,SOUTH BEND,IN TO: SOUTH BEND COMMON COUNCIL FROM: DANIEL BUCKENMEYER SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: Wharf Partners,LLC(Phase 1) DATE: April 18,2018 On Monday April 16'x',2018,a petition from Wharf Partners,LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at 320 East Colfax Avenue, 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 the approximately 77,000 sq. ft. mix use building containing commercial and residential space. ➢ The proposed construction will be located on the riverfront land located within the Central Business District. ➢ The high quality mid-rise building will promote further confidence in the real estate investment community and spur additional investments,especially in the East Bank Village. ➢ The project is expected to create approximately 20 indirect jobs in the next three years. ➢ $19,350,000 private investment in the buildings construction. ➢ Estimated taxes being paid during the six year abatement period — $1,468,000 (residential property) ➢ Estimated taxes being abated during the six year abatement period—$432,000 j EMPLOYMENT E%IPACT Per the petition, it is estimated that the total project will: ➢ Create sixty(20)indirect jobs ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner has not been granted or associated with any previous abatements. 2. The Area Plan Commission has reviewed the petition and finds the property to be properly zoned for the proposed project. 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(6)six-year real property tax abatement under section 2-84.2,Tangible Real Property Tax Abatement. k s } i s 1 i 3 t Filed in Clerk's Office APR 18 2018 KAREEMAH FOWLER CITY CLERK,SOUTH BEND, IN R C 0 000 000 LO CD z °o y °o_°o_ m } °o °o N CV U ® v_v �n LU J W N N m N ® h 00 �u. 0 00 O O O o 000 000 �'cp 000 O 00 O O O NI O O U') C C Q.d 00 00 O O CO 00 c0 O O r r a m V v V V' V 14, cD try Lo F- NNNNNN v lu N N N Q J •E U N a) 00000 0 000 000 o I o o m C C V o o o to 0 0 } U7 0 °°o ` v v ui-) N N co o A 0000 0 000 OOO m m.� 000000 O L � O O O LO O O ZF- a CL O O C � N N Q °v v° LO n r pp N N C O o cVlO O O O o O O O O O O x yl 0 0 0 0 0 0 O �? 0o ami o o LO C. 00 o°°o_°o °o_°o°o_ °o_ CO } O O R N N Q N N N N N N N U O 00 r n Q Q v v LO v J 'c x NN J to co 3 � L N }o 0 0 o 0 0 0 0 0 o 0 0 0 0 0 0 0 cc 0 0 0 Q� O p o o o o m 0 o c m X O O o 0 0 0 0 L Z o o y C) C) .0 0 0 � Z m 000° °° 0 Y co a O O — } 00 O N N .6 F- N N N N N N N 00 LO n r o m nnnnrr (Q a U m cn N N U a 0 C� C x C Q a W > m JZ — CL X N m Q cc m m Rf c o 5 co0o0 0 o O0o 3 , y o00o00 o m `� J 3 m o m o o m vv0 0 O m m xl o °°° °° ° x O O w E o o Lo rnmo C C Z 'o m o 0000° 0 2 m LO(� > N O O 0 00 04 N N �`F- N N N N N N N N . N p >� LO Mcor n r rrnnrr � t C V: Vi U Q N N ~ t � U @ d a x � 0 o 0 0 0 0 0 0 S'X o 0 0 0 o o 0 c CD m :3.6 N m l rm'O F U Q U) W o >U E U y m> d y 0 col N c) ,:r to cD N y O N a o o } N T O o G C N T y m c m o ° ° ° o c m YmE °° o� x t - ci o y 7 N m N FUW U) m m > y _0 N d T N C D N O-O :3 O N m C o_ m m m E E mi> m U y A m '410)0 X X X U Y m m U N >> y m m N m n m U Y O m N �- cC y 'ca y m N m> m C m U m y m ) ui m m ui c; X m � ... CO:t-- m m N N EQ a c �mF = °) N cn d N `0 0 X 7 m N m m m U CQ � mz a m F 2z mUOCU E Q E w c Q [if m cni om L3 t� Um-i Q C5-i U BILL NO. 18-19 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 320 East Colfax Avenue, South Bend, IN 46617 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (6) SIX-YEAR REAL PROPERTY TAX ABATEMENT FOR COMMERCIAL PROPERTY LOCATED AT Wharf Partners, 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 portions of the property located at 320 East Colfax Avenue, South Bend, Indiana which is more particularly described as follows: Lots 1, 2 and 3 of the Cascade Minor Subdivision recorded on April 12, 2018 as Document No. 1808428 in the office of the Recorder of St. Joseph County, Indiana and which has Key Number(TBD), and be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et sec., and South Bend Municipal Code Sections 2-76 et seq., 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 sM., and South Bend Municipal Code Sections 2-76, et sm., 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 two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of(6)six years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 100% Year 3 - 100% Year 4 - 100% Year 5 - 100% Year 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. Tim Scott, Council President South Bend Common Council Filed in Clerk's Office APR 18 2018 KAREEMRH rrj WLER CITY CLERK, SOUTH FWNln IN jam, .%I�jj°�i?��JJ'�{{°]]��t,ff'' �'' j'(� tI p(}��QQ� a �]gj7 F�G'f'J �i�>�'i�C'.,Office Lj e(��tl`�.hion Sb1 iSll�6iV�idyes 1 �. rs petition m us include a$250 filing fee payable to the City Clerk's Office or online via the City's tvebsite of e http://Southbendin.gov/government/content/tox-abatement before processing can be complete •1 018 General Infoa roation Project Name FrojaGt PVumber Legal name as registered with Secretary of Wharf Partners LLC I hAREEMr-tl�K v`{./LER Business structure Sir ! �.Fr..::.i'Si ,t tl t "'i BEND,11M Limited Liability Company r._.� .v_• _-a�.F.. _v Company website atthecascade.com Proposed Project Information Proposed project address 320 East Colfax Avenue Parent company name NIA City,State,Zip South Bend,IN 46617 Legal owner Wharf Partners LLC Site acreage or acreage required one-half acre Is the real estate owned or owned Square feet of facility 77,000 sq ft If leased by whom Primary Contact Information Primary companyeontactname IFrani<Perri rifle Managing Member Address of company contact P O Box 148 Phone 574 532 5646 City,state,Zip South Bend,IN 46624 Email fperri @earthdesignsred.com Senior Official Information Company senior official name Frank Perri Title Managing Member Address of company contact(if different from Phone above) Ci;,State,Zip Email Consultant information/Agent Mired business consultant/agent name Consultant release(Y/N) Address Local economic development partners approval(Y/N) City,Stata,Zip Email Project Overview _ Brief description of your company,project,and why the Wharf Partners LLC was formed in 2011 as a single asset entity,in order to develop the last Property is necessary far remaining vacant parcel of riverfront land located within the Central Business District in the City ,economic growth of South Bend.The development is a mired use project containing residential and commercial uses,constructed in 2-3 phases and totals an investment in excess of$43,000,000. The high quality mid rise buildings planned for this key site,will sow confidence in the real estate investment community and spur additional investments,especially in the East Bank Village neighborhood,which primarily consists of lower density,lower quality structures. This development will also help validate the current public investment strategy being made by the City of South Bend and the State of Indiana in creating quality of place projects.These public and private investments provide a platform for growth,resulting in new opportunities for both residents and the business community. Certified Technology Park appropriate No Is the project In a Tax Incremental Financing T I o w Yes, River East Certify that the Building Permit has not been Number of residential units seated by 5-20 1st phase/60-SO(ail phases) Issue oro e If this Is a petition for personal property tax abatement,has N/A the equipment l uipment been in lied tnvestrr�nt Detalis Public Infrastructure needs(Off- Nas any 504 funding been What Is the value of any equipment being purchased in What is the value of any equipmentbeing site of project in dollars) received? Indiana for the project? purchased from out of state for the project? None No New Project investments Calendar Year 2016 2017 s 20115 2019 2020 a 2021 2022 2023 Land Acquisition $1,050,000 Building Lease Payments Building Purchase Costs New Building Construction $7,300,000 $10,000,000 $1,000,000 Eidsting Building Improvements New Machinery&Equipment Special Tooling/Retooling New Furniture/Fintures New Conputer/IT Hardware New Software On-site Rail Infrastructure On-site Fiber Infrastructure J TOTAL $0 F0 Ft301-1 iiTJe Permanent Indiana-Resident Positions by Calendar Year Calendar Yc or Jobs retained Total hourly Cumulative It of net NRU full time Hourly average wage,w/o Total training Total it to be wage w/o permanentjobs created atproject benefits or bonuses,of expenditure- trained-not fringe or cumulative netnevjobs not cumulative bonuses cumulative 2016 2017 2018 1 35 2019 2 14 2020 20 14 2021 2022 2023 2024 2025 2026 2027 Provide hourly wage information for new employees in the following positions. Full time Part time Laborers Technical Managerial Administrative o wd a t,e n w ual eespons ti e orcoor natmg with WorItOne on recruitin ? Does your company have an EEO hiring pollcy? Are you an EEO employer? Please list the number of full time and part time minority and/or female employees for each of Please describe yourcommitment to the last three years: diversity and inclusion by detailing your - - -- — outreach and recruitment efforts for the lost Year ' three years as well as current policies. '•' Full lime Part Time Fan Time Part lime FUII Time Pa rt Time Black Hispanic Asian Indian Female other C Com pleie belovu for Real or Per�_�Ijqai Pmpariy Tox AbatenneM only. Please sion for:.ill Fecluested inventives. Pubft SeneNt Kem: Information is required on both the construction companies and the companies which will provide materials purchased foe this project. Qualify Please complete the table below with the appropriate information. if (Yes or No) Earned Points Available Points you qualify for the points,please enter the full amount of available points. Construction Related(ConjLactorsL, A. Employ Local Companies(759.) 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 no 22 F. Require Pension Benefits no 18 G. IMaintain Affirmative Action Plan yes 20 20 ISub-total Construction Related! 79 141 2 Wage&Benefit Related LOwnerj- A. Pay Target Wage Levels yes 33 33 B. Provide Health Benefits yes 34 34 C. Provide Pension Benefits no 29 D. Provide Training yes 28 28 E. Provide Child Care no 15 F. Provide Transportation Assistance no 14 G. IProvide Employer Assisted Housing program no 9 Sub-total Wage&Benefit Related: 95 162 3 Workforce Related., A. Create New Jobs yes 42 42 B. Retain Existing Jobs yes 41 41 C. Maintain Affirmative Action Plan- yes 35 35 D. Fro ide Targeted Hiring Preference no 34 Sub-total Workforce Related: 118 152 4 support a Municipal Facility. Support a SB Municipal Facility(donations to the A' zoo, ry yes 84 94 Izoo,conservatory,museum,etc.) Name of Facility Parks&Venues J Municipal Facility: 84 84 Sub-total from Above: 376 539 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 sea.,and South Bend Municipal Code See.2-76 gLgg,for this petition state the above. By: Frank Perri Date: �R011 12,2018 - — For Staff Use Only Below This Lire What is the current assessed value? Real Property: Personal Property: What is the projected assessed value? Real Property: Personal Property: What is the tax[ley number for this project? What Is the six digit NAILS code? Please attach a Gcogle map and street view of the location. Please IM tho amount of real and personal property taxes Real Property Taxes: Personal Property Taxes: paid for the last five years when applicable. Year One I Year Two Year Three 3 Year Four Year Five Please fill out the folloeoing Public Benefit Summary Information and add to total from above. Y or m Points Points Public Benefit Item: jProject Related: 5 A. Redevelop a Site that has Special Needs 49 B. Develop Based on Local University Research 35 C. Achieve a Physical Element of a Plan 36 ISub-totall Project Related: 120 6 Super Size Proiects(point values are cumulative): A. 100%to 199% 25 B. 200%to 299% 68 C. 300%to 399% 65 D. 400%and Over 52 Sub-total Super Size Projects: V 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-totallnfrastructure Related: 131 Total from Applicant Section: S39 Total from staff section: 6 461 Total Public Benefit Points: 1000 �{ +; 2TA,TEMENT0F LF �9L�i�0T �o�8 Statef-orm51767(R6 110-14) i F Q2_U0 I d -8�P.aRven�t©P1r©t slgr— Prescribed by the oepartment of i_ocai Govenm e ¢PR 1 O i p r - -= PRIVACY NO1tCE�- This statement is being completed for real property thaiqualir"tes udder the folydwfffj--l�aRgypj(Fff Cjt one hon): Any informaUen concerning the cost Redevelopment or rehabilitation of real estate improvements(IC 6-7.'I- 21` of the propert and specific salaries ;esidentialiy distressed area(IC 6-1.1-12.1-4.1) �f (F�t` K.SOU i ti BEND,IN # paid to Indieity ) nridenli2lparnnr oes Uy the r INSTRUCTIONS: C roper!e-1.1y-1otvnerisco2.1-5.1. 1. This statement roust be submitted to the body designating the Economic Revitalization Area prlorto the public hearing if the designating body ii-quiras information from the applicant in malting its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted no the designating body BEFORE the redevelopment or rehabilitation of real piopedyfor which the person wishes to claim a deduction, 2. The statement of benants 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 3221REmustbe flfad with the County Auditor before May 10 in the yearnn which the addition to assessed valuation is m ado or not later than thirty(30)days ah`er•the assessment notice Is mailed to the propedy ownel-r it was mailed aftei'Apr,'110. A property owner who Felled to fire a deduction application,within the prescribed deadline may file an application between March 1 and May 10 of a subsequent year. 4, A properiy owner who files for the deduction must provide the County Auditor and designating body with a Form CF-1lReal Property. The Farm CF 1lReal Property should he attached to the Form 3221RE when the deduction is first claimed and then updated annually for each year the deduction is applicable. IC G-1.1-12.1-5.1(b) 5. Por-a Farm SB-1lReal Property that is approved after June 30, 2013, the designating body is required fo establish an abatement schedule for each deduction allowed. For a Po rm SB-1lReal Property that is approved prior to July 1, 2073, the abatement schedule approved by the designating body remains in eff„ct. IC 6-1.1-12.147 �` l^ tCiri n Namo of payer INFORMATION i-LNA-I xw- 5 G L E l hddressOftaxpayer(numberendsUeet,city,state,and' Pcodo) L��� i� /�'�� �tN rayJ�hiUE S66 4-h R�,�D , —tA �186 15 Nameofcontactper pn TeIpphope number E- ailaddress Cti[llfloji r l [^t;" L�Jlgtetf C'-ilQ 1 !'P: trCo U-Ea'•i l-CilLCr,.ln 11d ..lgnating Lou/y Resolution number 0/�l iny J GIL/UGI, f (il� G? L'TV t `�:^AP i�1� -R� Location of property County, DLGF taxing district number SpS�P I Ozl� - i' Igor i46f W Description of real property improvements,redevelopment,orrohpbilitatlon(use addilionaisheers it necessaq) Estirnaled start dale(month,day,year] -v �'AILA 6, I p 210 r Estlmele ccm letlon data month,da 7 ! t P ( Y year) )IU" a 4 t,v�jtctBL J�� 1� s — _ r- Curi•antnuntberj Szlarles Numbnrrtained ISzlariss Num6eraddFUone1 Salaries —� I — = Xyt 4VL C l C i. of --- L' l lhri(1n7o`lro,ld_1L+_.05 Jai"4 o V r° a Pk W6• e ..• - I REAL ESTATE IMPROVEMENTS COST ASSESSEi?VALUE Currentvalues + o C?JC {�'N ew Plus estimated values of proposed project Less values of any property being replaced Nat estimated values upon completlon of project tj 0 Estimated solid waste converted(pounds) 7 Estimated hazardous vvaste converted(pounds) 1v Outer benefits S7 c.lrinot lie: -- TAXPAYER-CERTI • i hereby certify at the represe 'ons in this statement are true. Sianalure of auf Z d r ?�entaflve I Date signed(m nth,day, ear} Frinl° erne of authorized rep esentative Title O SL R JL MrL JW3 lt—�rt_ Page 1 of 2 p ,✓ �'i O llL :lrli .IDCu�C%.�t C e 0 D _ P;.a We find limt 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 ❑)as ❑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 ❑`fear 4 ❑ Year 5 (*see below) El Year G ❑Year 7 ❑Years n Year 9 ❑ Year 10 R 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=177 (l Yes F1 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 aulhorized member of designating body) Telephone number Date signed(month,day,year) Printed name of authorized mernber of designating body Name of designating body Attested by(signature and title of attester) 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 entilled to receive a deduction to a number of years that Is less than the number of years designated under IC 6-1.1-12.1-17. A. For residentially distressed areas where the Form 58-1/Real Property was approved prior to July 1,2013,the deductions established In IC 6-1.1-1 2.1-4.1 remain in effect.The deduction period may not exceed five(5)year. 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 rehabilitatlon of real properly where the Form SB-1/Real Prope q& was approved prior to July 1,2013,the abatement schedule approved by the designating body remains in effect.For a Form SB-1iReal 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 foilovdng 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'taxpayers statement of benefits. Had in 011orkS OffiCe t APR 18 713W HDIAALEPI +Page 2 of 2 s701 s i v 1!tic0, ... 320 east colfax, south bend-Bing Page 1 of 1 Lj bing maps Notes 933 Hawxdst �F< ~`C aauillard y Park PARK AVENUE y RTHFAST SOUTH BEND z v Cedar$1 t,nr.' - M y = z le south Bend <+ z E to Salle Ave E Colfax Ave ! W US-20-Br -- i E Jefferson Blvd C, W Western Ave h J Filed in Clerk's Office ot•.IS,. 3 f°Ci %.v+ ESamhSt APR 8 2018 EDGEV/4TEF A V i' S 4. In Ono W Sample 5t z I E Sample St �4 KABEEMAH FOWLER 1 CITY CLERK,.SOUTH BEND,IN V bing Elder Si 9 1.immloh Carparas or B 2J19 ME-RE Carmela's ar it Marn's p re Fire Arts V Polais;fro ✓. _. Circa Am tayale - E Colfax Ave o� - E Colfax Ave Gallery Z tp Inspire Me Joseph Ri v<•+ — a Purple Porch Co-op z .n Doubleiree by �. Q Hilton Hotel Sou... � 2 � z Yi Cafe Navarre � E Washington St z E Washington St f N , South Bend = c _Museum o/Art East Bank � ,. St Joseph River Emporium Derue Ct Century ff v Center 2 :t'-, m it T_! %r st Joseph y� County solid Waste Chicory Cole �a s The View Z -iimmyJohn's -Dill BiVd C rn South Bend — Community School Co.. C. Hoe:ard Pod: aJ O +J E Wayne St L7 V Bing eswBttEfae https://www.bing.com/search?q=320+east+colfax,+south+bend&src=IE-TopResult&FOR... 4/18/2018 j C= CIQ d OD V 1; E5 �s 3Nn#/v (D COLFAX AVENUE (82.5' R/W) J Ljo.w, N 89'47'03'EE(M)14839 V N W!WW' (R)+48,59' N W5000, W.W 201.32' w: MAW 33 /W I cl) ..................5. .... .... . ....h d R—TWE C14 s L_j 115 t fga Zcl JL D - I I ,,1 O Z E. IL T'PI tzi 0�s E 7W 4, U, C) V 4:' cl; N L901K.'0N 7C0 4-5% cn Vl 4U ...... . 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