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HomeMy WebLinkAbout19-08 SWGS Properties, LLC Confirming Tax Abatement soUT�$ Filed in Clerk's Office JAN 23 2019 rebs KAREEMAH FOWLER CITY CLERK,SOUTH BEND, IN CITY OF SOUTH BEND 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. Sine; ely, Dani:' Blur, 4-r Director,Business Development DANIEL J.Buri r MEYP.R ALKEYNA ALDRIDGE PAMELA MEYER TIM CORCORAN BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COI o,njNITY RESOURCES EXCELLENCE I ACCOUNTABILITY I INNOVATION INCLUSION EMPOWERMENT 14005 County-City Building j 227 W.Jefferson Blvd. South Bend,Indiana 46601 I p 574.235.9371 I www.southbendin.gov FUed erk's C�t'ee TAX ABATEMENT REPORT 019 JANinCi2 2� TO: South Bend Common Council I KAREENIAH FOWLER 3ELD__I, FROM: Daniel Buckenmeyer,Director of Business Development 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 S21,473 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 1. 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 23 2019 KAREEIViP.N FOWLER CITY CLERK,SOUTH BEND.IN BILL NO. 19-08 RESOLUTION NO. A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2920 W Sample Street, South Bend, IN 46619 AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SIX (6) YEAR VACANT BUILDING TAX ABATEMENT FOR SWGS Properties, 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 2920 W Sample Street, South Bend, IN 46619 and which is more particularly described as follows: 400' On Sample Beg 330' E & 35' S Nw Cor Nw Sec 15-37-2e and which has Key Number 018-8075-282401 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 limited to three (3) 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 a vacant building tax deduction for a period of six (6) years outlined below as well as shown by the attachment 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. Year 1 - 100% Year 2 - 100% Year 3 - 95% Year 4 - 90% Years - 80% Year 6 - 70% 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. Tim Scott, Council President South Bend Common Council City of South Bend Petition for Incentives Petition must Include a$250 filing fee payable fa the City Clerk's Office or online via the City's website at Lt7 rnus http://southbendln.gov/government enntentftar•abatement before proceesing con bs complete General Information Project Name Project Number IEDC#420573 Legal a nne as registoreatar's'with Secretaof Grace Steel Corporation (Adding Grace Steel, LLC in coming days with Tax FEIN) it Bus:net structure Grace Steel LLC would be Joint Venture with Steel Warehouse(Female Owned) Company website .r www.gracesteelservice.com "' S �` ' f"'�- �r s, Ce. C Proposed Project Information Proposed protea address 2920 West Sample St Pate n:company none Grace Steel Corporation City,Stitt,Zip South Bend, IN 46619 Legal°"'"ar Pam Andre(Female owned) Site acreageor'create requked Is the real.utata owned or Would be Owned leased Square rrc of facility 73,000 If leased by v,hom Primary Contact Information Primary\sompany contact name David Andre Title President Address afcompany twnMd 21601 Durham Way Phone 574-536-2445 City,bra e,Zip Bristol, IN 46507 Erna -' davidandre@gracesteelservice.com Senior Official Information Company Semon official soma Same as above rit,t address of company contact(if different from 'Phone above! City,Ste e.Zip Email Consu tant Information/Agent Hired baBess consultant/agent Hume 'RSM US LLP/Eric Lovenhagen Consultant rttlease('!Ni Y Address 9225 Priority Way W Drive#300 touiemnomlcdavebprnentwrtnen approval(T/1 City.eta a,Zip Indianapolis, IN 46240 em" Project Overview Brief detrlption of your compan,,project,and why the Grace Steel has outgrown its existing facility 10,000 sq ft in Mishawaka, IN as a property isnecessary for distributor for hot and cold rolled metal products for steel industry and other industrial econom?,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. I Cenified\techno:ogyParkappropoiabe Filed in Clerk's office No Is the ptgject In a Tax Inassnantat ilnancmg Yes (Sample Street Corridor) RIF 1 arta?If so,v,h'cr1? Certify that the Building permit has not been Y. `Number of residential units awed by 0 iswedMti) ,pr°lett , If this 1sa petition for personal property tor abatemrnI,has No __ the equipment been installed t K41EE. • •'•^`'' LEO CITY CLEF^ SEND,IN Investment Details Public tr/rastructurn needs(Off- Has any SO4 h,nd.ng been What is the value of lay equipment being purchased in What is the value of any equipment being site'f project la dollars) raptvsd? Indiana for the protect? purchased from oat of ata for du project? N/A No $350,000 $350,000 New F roject Investments Calendar Year 2018 2019 2020 2021 2022 2023 2024 2025 Land Aquisition Building tease Payments Building Purchase Costs $765,000 New avid y Construction e Killing avllding improvements $ 100,000 $200,000 $ 100,000 $100,000 Newts chlrttry&Equlpment $400,000 $ 100,000 $100,000 $100,000 Spodai'ooling/Retoolng New Fie nittsre/Ffxtures New co nputer/rr Hardware $10,000 New Scream $10,000 $10,000 $10,000 $ 10,000 On-site taf Infrastructure On•site Ibex Infrastructure TOTAL $785,000 $520.000 $310,000 $210.000 $210.000 50 SC SO Full-Tine Permanent Indiana-Resident Positions by Calendar Year [glendtr nit lobs retained Totil hourly Cumulative ll of net NEW full time Hourly average wage,win Total training Total#to be way w/o permanent Jobs created at project benefits or bonuses,of expenditure- trained-not fringe or cumulative net new jobs not cumulative bonuses cumulative 2018 4(0 at project site) 19.30 2019 5 19.40 515000 5 2020 10 18.75 520000 10 2021 15 18.75 $25000 15 2022 20 18.75 2023 20 18.75 2024 20 18.75 2025 20 18 75 2028 20 18.75 2025 20 18.75 2028 20 18.75 2029 20 -8.75 Provide hourly wage Information for new employees In the following positions. Full time c.-r!Irv, Laborers Tachnlal 311 Managerial $22 Administrative Who wilt ce the indwidUaf responsiure For coordinating with wortiOneonnea, .? David Andre Coes your company have an EEO hiring poi.cy? Yes Ara you an EEA employer? Yes Please'tist 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: diversity and inclusion by detailing your Year outreach end recruttrn ant efforts for the last three years as well at current pollees. Full Time Part-time Full lima Part Time Full Thea Part Time thick Pam Andre is Owner and "Isp'nl` they have made company Awn female owned business. Indian Company is EEO employer Percale 1 1 that does not discriminate 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 con'panles which will provide materials purchased for this project. Pleas a complete the table below with the appropriate information. if es or y Earned Points Available Points you qualify for the points,please enter the full amount of available (Yes or no) 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) Yes 22 22 E. Require Health Benefits Yes 22 22 F. Require Pension Benefits Yes 18 18 G, Maintain Affirmative Action Plan No 20 ISub-total Construction Related: 121 141 7 Wege&Benefit Related IQwnerl: 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. arov:de Employer Assisted Housing program No 9 Sub-total Wage&Benefit Related: 124 162 3 Workforce Related: A. Create New Jobs Yes 42 42 8, Retain Existing lobs Yes 41 41 C. Maintain Affirmative Action Plan No 35 D. Provide Targeted Hiring Preference Yes 34 34 Su b total Workforce Related: 117 :32 4 Support a Municipal Facility: A Supporta SB Municipal Facility(donations to the zoo,conservatory,museum,etc.) YeS 34 84 Name of Faciiity South Bend Zoo I_ up-total Municipal Facility: st 34 Sub-total from Above: 446 539 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 areal and/or personal roperty u abatement consideration and pursuant to I.C.,6-1.1-12.1-1, .,and South Bend Mu cipoi de Sec.216 et sea.,for this petition state the above. Submitted By: A/ Y , ll Date: 1 ti1(flj For Staff Use Only Below This Line ,C,Lt,,v b 57 o What Is the current assessed value? Real Property: A•^//% C 00 Personal Property: C9 What Is the projected assessed value? Real Property: J 7 '/ 2�0Personal Property: 4'7zv 00 L What Is the tax key number for this project? 1 r7/& a2 —7-_. 7//O/- 0/C_d7 :.'I L_1 Gz 9 What is the six digit NAICS code? 4 v 7 G</ O 7� O '�fv�,3 Jr7°. Filed in (clerk's officc I Please attach a Google map and street view of the location. j Please Ilst the amount of real and personal property taxes Real Property Taxes: Personal roperty T1xes: A l\' paid for the last five years when applicable. �il-U y 1. r.,/yrie40 /I2 Year One t .6� 'n��7F/ /•o Year Two �/ .�� ��{l=t'(41i'; FOWLER ('tj CfTY CLERK, �;01.1rt I BEND,Ifs! : i •// Year Three _ < -/c14 /v/ `/ --fear Four 4/ 2�1Z/ r� 1-7l/S /79I Year Five a 1,/ 1. 2._ V J 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 49 B Develop Based on Local University Research 35 C. Achieve a Physical Element of a Plan 36 jSub-total Project Related: 120 6 Super Size Prolects(point values are cumulative]: A. 100%to 199% .‘y , 7 . 25 B. 200%to 299% 68 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 1Sub-total Infrastructure Related: 131 Total from Applicant Section: yL/6 . 539 Total from Staff Section: 2.c 461 Total Public Benefit Points: •t.77.1 1000 N SMeade St w O O r N ^-' c -' c s N Na) o bA •Ay Q 1 o 4 N E 3 ; y M 7. `,d..,Cy St N N O cos 9Z$ O N CV r- v ® .. 17 m 0.7S Bendix Dr S Bendlx Dr m v N a. 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V U WTO y0 C9 > Cl y la a t a a >_ y N O 9 a)C N 5 y (0 C 7 CQ o � y d o � 'E > > , > N m c U U y a To 53 a) va ,T x x y > > CO N H m N Y co 0 O 5 coy Q v• 1) w E Q c m ~T 13 m c7i a v m co N N 0) OL 8 x 7 0) C) 0) _ N (4 CL Q a N Z 0 y e Z m 0 0 0 E Q c Q Q E o) 0 ... y-_- 7 y W 2 N y 7 CO y >- CO' y yOy 0 L CD UQ � � U : Filed in Clerk's Office 7,470, 44;� STATEMENT OF BENEFITS _ _ 20 19 PAY 20 20 VACANT BUILDING DEDUCTION — sate Farm 55182(R/2-14) FORM Se-1/VBD 4�f/ F rescribed b the De artment of Local Government -inance JAN i y p J;,.. ' 19 PRIVACY NOTICE This statement is being completed for real property that qualifies as an"eiigi. • ttAl d by it ''CSnThe cost and any spera!c individual's IC6-1,1-12.1-1(17). REE:tIr;.':I'I C'WLER salary Info abon is corrhdei'v.eA,the CITY CLERr BEND,INbalance of the filing is pudic record per k 6-1.1-12.1-6.1(c)and(d). INSTRUCTiONP: 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires info mation 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 occupation of the eligible vacant butding far which the person wishes to claim a deduction. 2. To obtain a wecanr building deduction.a Form 322NBD must be filed with the county auditor before May 10 in the year in which the property owner or his tenant occupies the vacant building or not later than thirty(30)days after the assessment notice is marled to the property owner if it was mailed afterApril 10. ff the property owner misses the May 10 deadline In the initial year of occupation,he can apply between March 1 and May 10 of a subsequent year. 3 A property owner who files the Form 322/VBD must provide the county auditor and the designating body with a Form CF-iNBD to show compliance with the approved Form SB-1NBD. The Form CF-1NBD must also be updated each year in which the deduction is applicable. SECTION 1 TAXPAYER INFORMATION Name of taxpaye SWGS Properties, LLC (Operating Entity is Grace Steel LLC-Pam Andre is Woman Owner) Address of taxpa er(number end street,city,state,and ZIP coda) 21601 Durham Way,Bristol, IN 46507 Name of contact>arson Tefepheno number 'E-marl address David Andre ( 574 ) 536-2445 davidandrei gracesteelservice.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of deeignasing body Reicluuon number South Bend City Council Location of properly DLGF taxing district number 2920 West Sample Street,South Bend, IN 46619 'County ST JOSEPH 026 Description of ell{ible vacant building that the property owner or tenant will occupy(use additional sheets if necessary). Estimated occupancy date(month,day,year) Planned$500,000 building upgrades to operate mfr/logistics facility including modern roof, flooring, 2/15/2019 and loading cocks.There are 2 parcels for vacant building/land that have not been utilized for close Estimated date placed-in-use(month,day,seer) to 5 years. LE gal description is 400'On Sample Beg 330'E&35'S NW Cor NW Sec 15-37-2e. 12/31/2020 SECTION 3 ES TIMATE OF EMPLOYEES AND SALARIES AS A RESULT OF PROPOSED PROJEC f Current number Salaries Number retained Salaries Number additional Salaries 0 0.00 0 0.00 10 416,000.00 SECTION ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST - -ASSESSED VALU1`__ Current value t 549,000.00 Plus estimate i values of proposed project 500.000.00 500,000.00 Less values a1 any property being replaced Net estimated values upon completion of protea 500,000.00 1,049,000.00 SECTION 5 EFFOR TS TO SELL OR LEASE VACANT BUILDING Described effort,by the owner or previous owner to sell,lease,or rent the budding during paned of vacancy: Schupan Properties has owned building and has not made great effort to use building or sell it in recent years. Show amount fo which the building wee offered for sale,lease,or rent during period of vacancy. $765,000-SEE ATTACHED PURCHASE AGREEMENT List any other benefits resulting from the occupancy of the eligible vacant building. Company wi' immediately help neighborhood with new hires spending money at local vendors and improving security at building with upgraded facade to eliminate appearance of deterioration along with theft prevention. There are building upgrades planned and would provide money to City and local utilities with building back in use for greater utility usage. Underground storage tanks will be removed to ensure no fu'ure contamination issues. SECTION I: TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of a • • •ed re. es• • Tine LDate signed(month,day,year) CIO refilwh,ef.^' - 1/17(2019 Page 1 of 2 FOR USE OF THE DESIGNATING BODY We find that Itte applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed under IC 6-1 1-12.1,provides for the following limitations: A. The designated area has been limited to a period of time not to exceed calendar years'(see below). The date this desigration expires Is E. The amount of the deduction applicable is limited to$ C. Other limitations or conditions(specify) D. Numter of years allowed: ❑ Year 1 0 Year 2 0 Year 3 0 Year 4 ❑ Year 5('see below) 0 Year 6 ❑ Year 7 0 Year 8 ❑ Year 9 0 Year 10 E. For a statement of benefits approved after June 30,2013,did the 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 squired to establish an abatement schedule before the deduction can be determined. We have ais)reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined Fiat the totality of benefits Is sufficient to Justify the deduction described above. Approved(signature and title of authorized member of designating body) Telephone number Date signed(month,day,year) Printed name of uthorized member of designating body Name of designating body Attested by(signature and 5tle of attested Pnnteo name of attester If the desigr sting 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 r naffed to receive a deduction to a number of years that Is less than the number of years designated under IC 8-1.1-12.1-17 IC 8-1.1-12.1-1(17)'Eligible vacant building'means a building that: (A)Is zoned for commercial or Industrial purposes:and (B)Is unoccupied for at least one(1)year before the owner of the building or a tenant of the owner occupies the building,as evidenced by a valid d itificate of occupancy,paid utility receipts,executed lease agreements,or any other evidence of occupation that the department of local government finance requires. IC 6-1.1-12.1-17 Abatement ichedules 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 end 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