HomeMy WebLinkAbout19-09 SWGS Properties, LLC Designating Real Property Tax Abatement LTEr Filed in Clerk's Office
JAN 23 2019
KAREEMAH FOWLER
CITY CLERK,SOUTH BEND, IN
CITY OF SOUTH BEND W
COMMUNITY INVESTMENT
JAMES MUELLER, EXECUTIVE DIRECTOR
January 22,2019
Council Member Gavin Ferlic,Chairperson
Community Investment Committee
South Bend Common Council
4th Floor,County City Building
South Bend,IN 46601
RE: Vacant,Real&Personal Property Tax Abatement Petition for: SWGS Properties,LLC
Dear Council Member Ferlic:
Please find the attached information pertaining to a vacant,real and personal property tax abatement petition
submitted by SWGS Properties, LLC to purchase a vacant building located at 2920 W Sample St. South
Bend,IN 46619 and new equipment for fabrication of steel products.The business,a distributor for hot and
cold rolled metal products for steel industry, was formed in 2015 and has overgrown its existing facility
10,000 sq ft in Mishawaka,IN.This petition package includes:
> Department of Community Investment's summary report
> Petition
> Statement of Benefits forms(Vacant Building, Real and Personal properties)
➢ Supporting information
The report contains the Department's findings relative to the above petition. The petitioner proposes to
purchase the vacant building for$765,000, invest in its renovation approximately$500,000 and purchase
new equipment with estimated cost of $700,000. A total project cost is approximately $2,000,000. A
representative from SWGS Properties, LLC will be available to meet with the Committee on Monday,
January 28,2019.
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.
Sinc rely,
1L
Dani Blue e - -r
Director,Business Development
DANIEL J.BUCKENMEYE.R ALKEYNA ALDRIDGE PAMELA MEYER TIM CORCORAN
BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COMMUNITY RESOURCES
EXCELLENCE I ACCOUNTABILITY I INNOVATION INCLUSION ; EMPOWERMENT
1400S County-City Building 227 W.Jefferson Blvd.i South Bend,Indiana 466011p 574.235.93711 www.southbendin.gov
iR Glerr4—�'-s��-�f-iCCe
TAX ABATEMENT REPORTfiled x,19
TO: South Bend Common Council \ EMFOWLE.R
CITY CLERK,S UT>�4Er�R -j
FROM: Daniel Buckenmeyer,Director of Business Develo en
SUBJECT: VACANT, REAL & PERSONAL PROPERTY TAX ABATEMENT
PETITION FOR:
SWGS Properties,LLC
DATE: January 23, 2019
On Monday, January 14, 2019, a petition from SWGS Properties, LLC was received and
subsequently filed with the City Clerk for vacant,real and personal property tax abatements
consideration for property located at 2920 W Sample Street, South Bend, IN 46619.
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
> Building purchase price of$765,000 with an additional$500,000 in planned private
investment for building upgrades to operate a manufacturing and distribution
facility including modem roof, flooring, and loading docks.
> There are two parcels including a vacant building and land that have not been
utilized for close to 5 years. Currently, the building has leaks and requires
immediate repairs and renovation.
> Additional private investment in personal property/capital equipment with purchase
price of$700,000.The industrial equipment is for forming hot and cold rolled metal
products.
> Estimated taxes phase-in and paid:
Property Estimated Total Taxes Est.Taxes Phase-In Est.Taxes Paid
Vacant—6Y $125,569 $104,096 $21,473
Renovation-6Y $82,952 $68,767 $14,185
Equipment—5Y $60,437 $40,119 $20,318
Total: $268,958 $212,982 $55,976
EMPLOYMENT IMPACT
Per this petition,it is estimated that the company will:
> Bring four (4) permanent full-time jobs representing a total annual payroll of
$160,576 to South Bend. The hourly average wage is$19.30.
Create sixteen (16) new permanent, full-time jobs within first four years with a
total estimated annual payroll of$624,000. The estimated hourly average wage is
$18.75.
ABATEMENT QUALIFICATION
I. A review of the tax abatements previously granted, finds that the petitioner has not
been granted or associated with 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 West Development Area.
4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner
meets the qualifications for a six(6)year vacant building,a six(6)year real property
and five (5) year personal tax abatements under section 2-82.1, Industrial
development in Urban Enterprise Zone and Redevelopment Blighted Areas, and
section 2-84.2,Tangible Personal Property Tax Abatement.
Filed in Clerk's Office
JAN 23209
KAREEn gli k- 5,VLER
C CLERK,S___ gFr�n.
BILL NO. 19-09
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
2920 W Sample Street, South Bend, IN 46619
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
(6) SIX-YEAR REAL PROPERTY TAX ABATEMENT FOR
SWGS Properties, 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 2920 W Sample Street, South Bend, Indiana
46619, which is more particularly described as follows:
400' On Sample Beg 330' E & 35' S Nw Cor Nw Sec 15-37-2e
165 Ft. On Sample St Beg. 165 Ft E Of Nw Cor Sec 15-37-2e
and which has Key Numbers 018-8075-282401 and 018-8075-282404, 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 sec., 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 H. 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 three (3)
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 - 95%
Year 4 - 90%
Year 5 - 80%
Year 6 - 70%
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
City of South Bend
Petition for Incentives
Petition must include o$250 filing fee payable to the City Clerk's Office or online via the City's website at
•
htep:/jsouthbendln.gov/yovernment/rnntent/tax-obotement before processing con be complete
General Information 1 Project Name Project Number IEDC#420573
Legal n,enB as resist-area with Seueta.ry of Grace Steel Corporation (Adding Grace Steel, LLC in coming days with Tax FEIN)
State
austnes structure Grace Steel LLC would be Joint Venture with Steel Warehouse(Female Owned)
Company website
www.gracesteelservice.com 51, �.
Proposed Project Information
Propel prole?address 2920 West Sample St Pa rentcompanyn.m. Grace Steel Corporation
City.SU e,zip South Bend, IN 46619 Legal O1M"ef Pam Andre(Female owned)
Site acreage oruxease reaulred Is the real estate owned or Would be Owned
e lSed
,Square ker of facility If leated by v,hon;
73,000
Primary Contact Information
Primary Company con.tar.name David Andre title
President
Address of company tented 21601 Durham Way Phone 574-536-2445
City,sta t,zip Bristol, IN 46507 Ems' davldandre@gracesteelservice.com
Senio Official Information
Con:par,senioroffioaIsame Same as above Tine
Address of company contact(if different horn Phone
abpvel
City,Ste e.Zip Email
Consu Fant Information/Agent
Hired badness consultant/agent name RSM US LLP/Eric Levenhagen Consultant release(Y/NI y
Address 9225 Priority Way W Drive#300let°n°mkdewbprnentpartnen
approval ly/1
City.sta',Zip Indianapolis, IN 46240
Project Overview
Brief de,+iptlon of your
compare .project,and why the Grace Steel has outgrown its existing facility 10,000 sq ft in Mishawaka. IN as a
property is negaracary for distributor for hot and cold rolled metal products for steel industry and other industrial
e,conom;growth markets. We are seeking potential sites of 70,000 sq ft or larger for growth. Evaluation
criteria include site location, economic incentives and labor force. The potential South
Bend site is 73,000 sq ft and has been vacant for 6 years and under utilized for the past
15 years. It is located in Urban Enterprise Zone Grace Steel is looking to grow in either
Indiana or Michigan to serve a large vendor at Steel Warehouse with up to 15 new jobs
above State/County average wage. There is opportunity to form a joint venture with this
vendor for steel product manufacturing/distribution to save on shipping costs and
streamline efficient operations. We respectfully request analysis for Vacant Building
Deduction Tax Abatement or TIF Funding compared with Enterprise Zone savings over
10 years to achieve this growth plan and major investment into this building. �
Certified Technology Park appropriaFiled in Clerk's Jffice
No
Is the prdsect Ina tar Incrententtl rinanane Yes (Sample Street Corridor)
1111)arcs? tfIQ.,.,hir,n?
Certify that the Building perm'1 hes not been 'Number of residential units created by ,JAN0
Jswed fy'N) Y oroieq
If this IPa pr-GUon for personal property tie abatement,has
the equipment been Installed NO KA$1ELt1/'r'•+t'(trLER
CrTY CLERrc SC'iTH 3END,IN
Investment Details
Pubht irtrastructore needs(Off- Has any Spa hind.ng been What is the value of any equipment being purchased,n What the value:of any equipment teeing
site sf project In dollars) received? Indiana for the project? purchased from ovt of state for the project?
N/A No $350,000 $350,000
[New l rolect Investments
Calendar Year 2018 2019 2020 2021 2022 2023 2024 2025
land Acquisition
Building lease Payments j
Building Purchase Costs $765,000 1
New SuldIng Construction
EKtstlits Du:ringimprovements $ 100,000 $200,000 $ 100,000 $100,000
Naw enldtlnaryi Equipment $400,000 $ 100,000 $ 100,000 $100,000
Spacial`ooang/Retoo0na
New Fw enure/Pictures
New Co nputer/rT Hardware
$10,000
New Software $10,000 $10,000 $10,000 $ 10,000
On-site tall Infrastructure
On-site Ibex Infrastructure
TOTAL 1 $7.65,000 $520,000} $310,0001$210.000 S 210.000 $0 S 0 $0
Full-Time Permanent Indiana-Resident Positions by Calendar Year
Calendar Year lobs retained Total hourly Cumulative 8 of net NEW ft,ll time Hourly average wage,w/a Total training Total C to be
wag w/o permanent Jobs created at project benefice or bonuses,of mipenditure- reined-not
fringe or cumulative net new jobs not cumulative
bonuses cumulative
2018 4(0 at project site) 19.30
21119 5 19.40 815000 5
2020 10 18.75 $20000 10
1021 15 18.75 $25000 15
2022 20 18 75
2023 20 18.75
2024 20 18.75
2025 20 18 75
2021 20 18.75
2023 20 18.75
2028 20 18.75
2029f 20 '8.75
Provide hourly wage information for new employees In the following positions.
Full time Part tl me
Laborers
Technical S1
Managerial $22
Administrative
eniho w'i 6a the lndevidual respanoiole for coordinating with
worwQne on reat.>tlna7 David Andre
Does yobr company have an EPO hiring poi.cy? YeS Ara you an EEA employer? Yes
Please list the number of full time and part time minority and/or female employees for each of Please describe your commitment to
the last three years: severalty and Inca-410n by detailing your
Year outreach end recruitment efforts for the last
■ three years as well as currant pol I de.
Poli Time Part Time Full Time Part Time Full Time Part Time
Pam Andre is Owner and
Hispanic
they have made company
'man female owned business.
Indian Company is EEO employer
Pial, that does not discriminate
1 — 1 in hiring process.
Other 3 3 3
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
corn panics which will provide materials purchased for this project.
complete the table below with the appropriate information. If Qualify
Pleas-i
(Yes or No) #Ted Pgints Available Points
you qualify for the points,please enter the full amount of available
points.
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) Yes 22 22
E. Require Health Benefits Yes 22 22
F. Require Pension Benefits Yes 18 18
G, Maintain Affirmative Action Plan No 20
15ub-total Construction Related: 121 141
Wigta&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 Rotated: 124 162
3 Workforce Related:
A. Create New Jobs Yes 42 42
B. Retain Existing lobs Yes 41 41
C. Maintain Affirmative Action Plan No 35
Q. Provide Targeted HMYes 34ng Preference 34
Subtotal Workforce Related: '17 132
4 Support a Municipal Facility:
A Supporta SB Municipal Facility(donations to the
zoo,conservatory,museum,etc.) Yes 84 84
Name of Fac,lty South Bend Zoo
1$1.0-total Municipal Facility: a< 34
Sub-total from Above: 44o 539
The undersigned owner(s)of real property,located within the City of South Bend,herby petition the Common Council of the City
of Smith Bend for areal and/or personal- roperty si abatement consideration and pursuant to 1.C.,6-1.1-12.1-1,et sae.,and
c. r
South Bend Mu 'cipttl de Sesea.,for this petition state the above.
Submitted By: AAff/ff ,, lr Date: F ilk i/f
For Staff Use Only Below This Line
What Is the current assessed value? Real Property: -v o c 00 Personal Property:
What is the projected assessed value? Real Property: 77eXr/4 ��0. Personal Property: /i�2 �00
What Is the tax key number for this project? O/8 — 2 _, -,c---
82/jQ/f o, '—fc.71v_2 250
What is the slx digit NAICS code?
//0t3,5-10. �-v / 1 O J Filed in Clerk's-(�(j` 1
Please attach a Google map and street view of the location. SJSitvt. r
Please list the amount of real and personal property taxes Real Property Taxes: Personal roperty TTxes:
paid for the last five years when applicable. ..iMl` U 1
-,/.////��� �Year One i/
„„,,e ,,,,_/fYear Two •7` .��j.9,2KoSittryl ,F1 FOWLER
// Year Three C210
Id' QTY CLERK, ..C.fi/r?t BEND,Tr.(
/Y/;./5—Year Four y 2 Z/
NO/3 p /V Year Five a 1/ .2--k,2_' ,
Please fill out the following Public Benefit Summary Information and add to total from above.
Pr or NI Points II Oulu
Public Benefit Item:
Project 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
Sub-total Project Related: 120
6 Super Size Prolects[point values are cumulative):
A. 100%to 199% .ty .
(›Z, 25
B. 200%to 299% 63
C. 300%to 399% 65
D. 400%and Over 52
Sub-total Super Size Projects: 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: / 131
Total from Applicant Section: 4i4/6 539
i- -- ✓�
Total from Staff Section: N, - 461
Total Public Benefit Points: y_],/ 1000
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70?'r'y a.. STATEMENT OF BENEFITS IL 1 2019 PAY 20 20
1i,i REAL ESTATE IMPROVEMENTS JAN 8{/ state Form 51767(R6/10-14) FORM SB-1 I Real Property
•' / Prescribed by the Department of Local Government Finan "-'- PRIVACY NOTICE
;pp�pb�Ef�4Ar - 1fLER
This statement t being completed for real property that qualifies under the IIQwjpg�(tgi0(p;C;o �CheC Any information concerning the cost
Qi Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-1 '&4)J (G�IL.t�tiiKKKK .7.
- UCiV[l,IN of the progeny and speulic eateries
Paid to Individual employees by the
0 Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per
IC 6-1.1-12.1-5.1.
iNSTRUCTIONo.
1, This stateme nt 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.
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 Seduction.a Form 322/RE 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. 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 o aner 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 shCuld be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable.
iC 6-1.1-12. -5.1(b)
5. 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 alowed. 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 elect. IC 6-1.1-12.1-17
SECTION 1 TAXPAYER INFORMATION
Name of texpeye (y44.5 a^✓ !- 5 ` A —
Grace Steel LLC (Pam Andre is Woman Owrier) 4....e
Address of taxptr er(number end street,city,state,and ZIP code)
21601 Du-ham Way, Bristol, IN 46507
Name of contact Gerson Telephone number E-mail address
David An ire, Owner ( 574 ) 536-2445 davtdandre@gracesteeiselvice.com
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of designs ng body Resolution number
City Coun.il of South Bend
Location of prope ty I County DLGF taxing district number
2920 Wes' Sample Street, South Bend, IN 46619 ST JOSEPH 026
Description of re. property,mprovoments.redevelopment or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year)
Building purcease price of$765,000 with planned$500,000 building upgrades to operate manufacturing/distribution 2/15/2019
facility including modem roof,flooring,and loading docks.Legal description Is 400'On Sample Beg 330'E&35'S Estimated completion date(month,day.year)
NW Cor NW pec 15-37-2e. Parcel number Is 018-8075-282401/018.8075-282404. 12/31/2020
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained Salaries Number additional Salaries
0.00 $0.00 0.00 $0.00 10.00 $416,000.00
SECTION 4 ESTIMATED TOTAL COS r AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current values
Plus estimai cd values of proposed project 500,000.00 500.000.60
Less values if any property being replaced
Net estimat-• values upon completion of proect 500.000.00 500,000.00
SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER
Estimated s5 lid waste converted(pounds) Estimated hazardous waste converted(pounds)
Other benefits
. SECTION 6 TAXPAYER CERTIFICATION
I hereby Certify that the repr•sen ons i IS statement are true.
Signature of aid/timed repres¢hte' - Date signed(month,day,year)
,d li January 4, 2019
Pnnted name of I uthon representative 1 Title
David Andre Owner
Page 1 of 2
FOR USE OF THE DESIGNATING BODY
We find that e applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed
under IC 6-1 1-12.1,provides for the following limitations:
A. The designated area has been limited to a period of time not to exceed calendar years"(see below). The date this designation
expires Is
B. The type of deduction that is allowed In the designated area is limited to:
1.Ret.evelopment or rehabilitation of real estate improvements ❑Yes ❑No
2.Rea identially distressed areas 0 Yes ❑No
C. The anount of the deduction applicable is limited to$
D. Other limitations or conditions(specify)
E. Number of years allowed: ❑Year 1 in Year 2 ❑Year 3 0 Year 4 ❑ Year 5 ('see below)
❑Year 6 ❑Year 7 ❑Year 8 ❑Year 9 ❑ Year 10
F. Fora 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,.he 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 hat the totality of benefits is sufficient to justify the deduction described above.
Approved(signaLrs and Erle of authorized member of designating body) Telephone number Date signed(month.day year)
Printed name of authorized member of designating body Name of designating body
Attested by(afgrltfurs and title of attester) Printed name of attester
•If the desk nating body limits the time period during which art 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 IC 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(6)years. For a Farm SB-1/Real Property that is approved after June 30,
2013 the designating body Is required to establish art abatement schedule for each deduction allowed. The deduction period may not exceed ten
(10)tears. (See IC 6-1.1-12.1-17 below.)
B. For lite redevelopment or rehabilitation of real property where the Form SB-i/Real Property was approved prior to July 1,2013,the abatement
schedule approved by the designating body remains in effect.Fora 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.(See IC 6-1.1-12.1-17 below.)
IC 6-1.1-12 1-17
Abatementchedules
Sec. 17.(E1)1A 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
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