HomeMy WebLinkAboutNo. 1115 approving an application for real property tax deduction (Monroe Park Apartments, L.P., 502 S. Fellows St./423 E. South St.)RESOLUTION NO. 1115
A RESOLUTION APPROVING AN APPLICATION FOR
REAL PROPERTY TAX DEDUCTION
WHEREAS, I.C. 6 -1.1- 12.1 -2(j) provides that an application
for property tax deduction may not be approved when the property is
located in an allocation area as defined in I.C. 36- 7- 14 -39, unless
the Redevelopment Commission which designated that allocation area
adopts a resolution approving that application; and
WHEREAS, the South Bend Common Council has received a
petition for ten years of real property tax abatement consideration
from Monroe Park Apartments, L.P. for real property located at 502
S. Fellows St./423 E. South St. in the South Bend Central
Development Area, the legal description of which is attached
hereto, marked Exhibit "A" and incorporated herein; and
WHEREAS, this Commission declared the South Bend Central
Development Area by Resolution No. 737, adopted May 10, 1985, and
in the same resolution declared the South Bend Central Development
Area, Allocation Area No. IA; and
WHEREAS, the property located at 502 S. Fellows St./423 E.
South St. is located within the South Bend Central Development
Area, Allocation Area No. 1A;
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Commission as follows:
1) The Commission finds that the application from Monroe
Park Apartments, L.P. for ten years of real property tax abatement
consideration for property located at 502 S. Fellows St./423 E.
South St. in the South Bend Central Development Area, Allocation
Area No. 1A, is hereby approved.
2) That a copy of this resolution be forwarded to the South
Bend Common Council to indicate the Commissions approval of the
petition for real property tax abatement for Monroe Park
Apartments, L.P.
Approved this 20th day of November, 1992, at the regularly
scheduled meeting of the South Bend Redevelopment Commission.
SOUTH BEND REDEVELOPMENT COMMISSION
Paula N. Auburn, President
T:
Michael Donoho, Secretary
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The project will create twenty five (25) construction jobs to build the apartments.
The project will also create two (2) permanent full time jobs and two (2) part time jobs
in the first year representing an annual payroll $55,000.
Other Items
The property is properly zoned for the proposed use. A copy of the report from the
Building Commissioner is attached.
2. The property is located in an area presently designated as an Economic Development
Target Area and a Tax Abatement Impact Area.
3. The property is located in a Tax Incremental Financing Allocation Area. The
Redevelopment Commission considered this abatement petition at its regularly
scheduled meeting on Friday, November 20, 1992. A copy of their resolution is
attached.
4. The petitioner qualifies for 6 years of real property tax abatement under section
2 -77 (Multi- Family Real Property Tax Abatement) of the Tax Abatement Ordinance (No.
8065 -90). However, the petitioner is requesting a 10 year abatement. According to
the tax abatement guidelines, multi - family housing projects qualify for ten years of
abatement if hard costs are greater than $4,000,000 and at least 20% of the units
are available for occupancy by low or moderate income families. The petitioner
feels that the project should be considered for a 10 year abatement because; first
100% of the units will be rented to low income families, secondly the $3,200,000 in
hard dollar costs is 80% of the $4,000,000 guideline and far exceeds the $1,000,000
guideline set for a 6 year abatement, and thirdly the project is an integral part of
the neighborhood's efforts for revitalization. For additional information, please
refer to the attached letter dated November 4, 1992 from Tom McCalley.
5. Because the project does not quite meet the investment standard for the requested
ten year abatement, it must be considered as a special case by the South Bend Common
Council under section 2 -84 of the Tax Abatement Ordinance (Council's Authority to
Enlarge Real Property Tax Abatement General Standards).
6 YEAR Real Provertt-Abatement Schedule
Total estimated Project Cost:
$3,200,00.0
Base Assessed Value: $1,066,667
(Approx. 1/3 Project Cost)
Assume constant tax rate of: 14.1441
!
Assessed
Tax
Year
% Abated
Value
Abated
1
100
$0
$150,870
2
85
160,000
128,240
3
66
362,667
99,574
4
50
533,333
75,435
5
34
704,000
51,296
6
17
885,333
25,648
3
Without Abatement: $905,222
With Abatement: 374,159
Amount Abated: 531,064
10 YEAR Real Property Abatement Schedule
Total estimated Project Cost: $3,200,000
Base Assessed Value: $1,066,667
Assume constant tax rate of: 14.1441
Year
1
2
3
4
5
6
8
9
10
% Abated
100
95
80
65
50
40
30
20
10
5
Assessed
Value
$0
53,333
213,333
373,333
533,333
640,000
746,667
853,333
960,000
1,013,333
Without Abatement:
With Abatement:
Amount Abated:
Tax
Abated
$150,870
143,327
120,696
98,066
75,435
60,348
45,261
30,174
15,087
7.544
$1,508,704
761,896
746,808
Tax
Paid
$0
22,631
51,296
75,435
99,574
125,222
Tax
Paid
$0
7,544
30,174
52,805
75,435
90,522
105,609
120,696
135,783
143,327
5761,896
16- Nov -92
(W
,BriarWooa Development Co., Inc.
R O. fox 1255
0—el Indiana 46032 (317) 848 -7021
November 4, 1992
Mr. Michael A. Beitzsinger
CITY OF SOUTH BEND ECONOMIC DEVELOPMENT SPECIALISTS
County City Building
South Bend, Indiana 46601
Dear Mike:
Thanks for meeting with me a week or so ago in going over our tax
abatement application. We would like to request abatement for a
ten (10) year period. Our total construction costs will be in
the three million to $3.2 million area. As you know we are
buildina affcrdable housing and we understand that this is under
the $4,000,000 required for ten year abatement, and thus we
qualify for six (6). However, there are some extenuating
circumstances.
First of all, we are building low income housing, with 100% set
aside for low income people as required by Section 42 of the
Internal Revenue Code.
Second, the land size available dictates the size of this
development, therefore, we were unable to reach the $4,000,000
mark.
Third, part of the understanding we had with the Economic
Development Commission when we leased this land was that the land
would be subordinated to a first mortgage.
Due to idiosyncrasies in the bond documents when we obtained the
title policy, after we had already completed all our plans and
agreed to lease the ground, we found out that it is not possible
fcr the lease to be.subordinated to a first rortgage. This
creatad saveral problems in obtaining our loan and in fact has
delayed our construction by over three (3) months while we worked
out details. Basically, because of the fact that the loan is not
subordinated, I am required to escrow ten (10) years worth of
lease payments or $75,000 with the lender so that the lender
would have security not available as promised by the Economic
Development Commission.. The addition of four (4) more years of
phased in tax abatement could possibly help offset some of this
additional cost.
We understand that with South Bend Heritage Development that you
were able -to grant a waiver and allowed ten (10) years on the
abatement, and we would like to have the same consideration.
Page 2
Michael Beitzsinger
November 4, 1992
Thank you very much for your help and assistance in this matter.
If you would like any information, please feel free to give me a
call.
Since South Bend Redevelopment still owns the land, I would
appreciate your obtaining the required signature in the owners
space.
Thank you very much.
Sincerel ,
Thomas A. McCalley
President
TAM /mec
City of South Bend
Joseph E. Kernan, Mayor
Department of Economic Development
Jon R. Hunt
Executive Director
MEMORANDUM
Ann E. Kolata
Deputy Executive Director
TO: HUMAN RESOURCES COMMITTEE OF THE SOUTH BEND COMMON COUNCIL
FROM: DEPARTMENT OF ECONOMIC DEVELOPMENT - MICHAEL BEITZINGER
SUBJECT: TAX ABATEMENT PETITION
MONROE PARK APARTMENTS, L.P.
MONROE PARK
DATE: NOVEMBER 16, 1992
On November 5, 1992, a petition for tax abatement consideration for real property
located in the Monroe Park was filed with the City Clerk by Monroe Park Apartments, L.
P. Pursuant to Chapter 2, Article 6, Section 2 -77 of the Municipal Code of the City of
South Bend, this petition was referred to the Department of 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 -1 and whether all
zoning requirements have been met.
The Department of Economic Development has reviewed the petition (a copy of which is
attached), investigated the area and makes the following report.
Project Descrigtion
The petitioner proposes to build a 57 unit apartment complex in the Monroe Park. 16
one bedroom, 24 two bedroom and 17 three bedroom units will be built on approximately 2
acres of land which was acquired and cleared by the Redevelopment Commission. All 57
apartments will be rented to low- income people. The total projected cost of the project
is $3.2 million.
1200 County -City Building • South Bend, Indiana 46601 • 219/235 -9371 Fax 219/235 -9021
Redevelopment Business Assistance Housing Rehabilitation
Ann Kolata & Development Kathryn Baumgartner
235 -9371 Donald Inks 521 Eclipse Place
235- 9335 235 -9475
CDBG Program &
Financial Management
Elizabeth Leonard
235 -9335
Planning &
Neighborhood Development
Pamela Meyer
235-9449
City of South Bend
Joseph E. Kernan, Mayor
Department of Economic Development
Jon R. Hunt
Executive Director
MEMORANDUM
Ann E. Kolata
Deputy Executive Director
TO: HUMAN RESOURCES COMMITTEE OF THE SOUTH BEND COMMON COUNCIL
FROM: DEPARTMENT OF ECONOMIC DEVELOPMENT - MICHAEL BEITZINGER
SUBJECT: TAX ABATEMENT PETITION
MONROE PARK APARTMENTS, L.P.
MONROE PARK
DATE: NOVEMBER 16, 1992
On November 5, 1992, a petition for tax abatement consideration for real property
located in the Monroe Park was filed with the City Clerk by Monroe Park Apartments, L.
P. Pursuant to Chapter 2, Article 6, Section 2 -77 of the Municipal Code of the City of
South Bend, this petition was referred to the Department of 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 -1 and whether all
zoning requirements have been met.
The Department of Economic Development has reviewed the petition (a copy of which is
attached), investigated the area and makes the following report.
Project Description
The petitioner proposes to build a 57 unit apartment complex in the Monroe Park. 16
one bedroom, 24 two bedroom and 17 three bedroom units will be built on approximately 2
acres of land which was acquired and cleared by the Redevelopment Commission. All 57
apartments will be rented to low- income people. The total projected cost of the project
is $3.2 million.
1200 County -City Building • South Bend, Indiana 46601 • 219/235 -9371 Fax 219/235 -9021
Redevelopment Business Assistance Housing Rehabilitation
Ann Kolata & Development Kathryn Baumgartner
235 -9371 Donald Inks 521 Eclipse Place
235 -9335 235 -9475
CDBG Program &
Financial Management
Elizabeth Leonard
235 -9335
Planning &
Neighborhood Development
Pamela Meyer
235 -9449