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Home My WebLink AboutBill No. 23-09 Resolution Confirming the adoption of a Declatory Res.: 536 South Main, SB, IN Filed in Clerk's Office • CITY OF SOUTH BEN MAR 08 202:3 _ DM.jNES • COMMUNITY INVESTMENT CITYCLERK,SouT�HBEND,IN March 8, 2022 Council Member Rachel Tomas Morgan Chairperson, Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 46601 RE: Confirming Resolution: Multi-Family Residential Real Property Tax Abatement for 536 S. Main Street (SoMa Capital LLC) Dear Council Member Tomas Morgan, Please find the enclosed information pertaining to a multi-family real property tax abatement petition submitted by SoMa Capital LLC, an Indiana Limited Liability Company, to rehabilitate a building at 536 S. Main Street. On February 27, 2023, the Common Council approved Resolution No. 5005-23, the Declaratory Resolution. The Department of Community Investment will present the Confirming Resolution on March 13 for the Common Council's consideration. This petition package includes: • Department of Community Investment's summary report • Petition • Statement of Benefits form (SB-1 / Real Property) • Supporting information The report contains the Department's findings relative to the above petition. The petitioner plans to remodel the property into a 12-unit apartment building. The building is vacant and had fallen into neglect due to serious deferred maintenance following two fires (the most recent in 2021). The total private investment to rehabilitate and modernize the existing real property is$2.065 million. The project meets the qualifications for an eight-year(8) multi-family residential real property tax abatement, and a representative from SoMa Capital LLC will be available to meet with the Committee on Monday, March 13, 2023. 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(574)235-5838. Sincerely, ,_,.,\____) 1-2 • -- Erik Glavich Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov Filed in Clerk's Office [;;; . Bill NO. 23-09 DAWN rviJONES RESOLUTION NO. 5006-23 CITY CLERK,SOUTH BEND,IN A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 536 South Main Street, South Bend, IN 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT- YEAR (8) REAL PROPERTY TAX ABATEMENT FOR SoMa Capital 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 described as: Key Number: 71-08-12-306-006.000-026 Commonly Known As: 536 South Main Street, South Bend, Indiana 46601 Legal Description: Lot 36 Ex 821/2 Ft E End Samuel Martins Add be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6-1.1- 12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for multi-family real property tax abatement only and 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 real property tax deduction for up to a period of eight (8) years as shown by the schedule outlined below as well as 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 4-95% Year 5 —90% Year 6-90% Year?-85% Year 8 -85%0 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. Sharon McBride, Council President South Bend Common Council Attest: Dawn M. Jones, City Clerk Office of the City Clerk Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the City of South Bend, Indiana, on the day of , 2023, at o'clock .m. Dawn M. Jones, City Clerk Office of the City Clerk Approved and signed by me on the day of , 2023, at o'clock .m. James Mueller, Mayo Filed in Clerk's Office City of South Bend -_ MAR 082-0231 . DAWN M.JONES CITY CLERK,SOUTH BEND,IN Filed in Clerk's Office MAR 0 8 2.023 DAWN M.JONES CITY CLERK,SOUTH BEND,IN MEMORANDUM OF AGREEMENT (MULTI-FAMILY RESIDENTIAL REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (Agreement) dated as of March 1, 2023, serves as confirmation of a commitment by SoMa Capital LLC and/or its Permitted Assign(as defined below) (the"Applicant"),pending a March 13,2023,public hearing, to comply with the project description, job creation and retention (and associated wage rates and salaries) figures contained in its petition, Statement of Benefits,and attachments and this Agreement(the"Commitments"). 1. Property Associated with the Abatement and Responsibilities of the Applicant. At the time of this agreement, the property is located at 536 South Main Street, South Bend,IN 46601, and has Key Number 71-08-12-306-006.000-026. Throughout the duration of the abatement, the Applicant shall promptly report any changes in the address or Key Number of the property receiving the abatement to the Department of Community Investment and to the Office of the City Clerk. Moreover,the Applicant also shall report any material changes or improvements made to the property subject to the abatement including changes as the result of subdividing, replatting, or otherwise. The Applicant agrees that failure to promptly report changes can result in a finding of noncompliance on behalf of the Applicant under the commitments of this agreement. 2. Commitments of City and Applicant. Subject to the adoption of a Declaratory Resolution and a Confirmatory Resolution by the South Bend Common Council(the"SBCC"),the City of South Bend, Indiana, (the "City") commits to provide an eight-year (8) multi-family residential real property tax abatement for the Applicant, based on the Applicant's commitment set forth in its Application. The Applicant commits to a capital expenditure of approximately Two Million dollars($2,000,000.00) associated with the rehabilitation of an existing multi-family apartment complex. The Applicant guarantees that, for the duration of the abatement, at least twenty (20) percent of the units shall be available for use by low-and moderate-income individuals or families. 3. Applicant's Compliance with City and State Laws. During the term of the abatement, the Applicant shall comply with Chapter 2, Article 6, of the South Bend Municipal Code, entitled "Tax Abatement Procedures," and all governing provisions of the Indiana Code. During the term of this abatement,the City may annually request information from the Applicant concerning the nature of the Project, the approved capital expenditure of the Project, the number of full-time permanent positions newly created by the Project,and the average wage rates and salaries(excluding benefits&overtime) associated with the positions,and the Applicant shall provide the City with adequate written evidence thereof within fifteen (15) days of such request (the "Annual Survey"). The City shall utilize this information and the information required to be filed by the Applicant in the CF-1 Compliance with the Statement of Benefits form to verify that the Applicant has at all times complied with the Commitments after the Commitment Date and during the duration of the abatement and for no other purpose. The Applicant further agrees to provide the City with such additional information as may be reasonably requested by the City to determine Applicant's compliance with the Commitments and with local and state requirements within a reasonable time following any such request. Notwithstanding anything herein to the contrary, the Applicant acknowledges that the City may be required to disclose certain documents provided by the Applicant as required by a court order or applicable law. 1 Filed in Clerk's Office MAR o 8 7-02] r DAWN IVI.JONES CITY CLERK,SOUTH BEND,IN 4. Substantial Compliance and Rights of Termination. The City, by and through the SBCC, reserves the right to terminate the Economic Revitalization Area designation and associated property tax abatement deductions if it reasonably determines that the Applicant has not made reasonable efforts to substantially comply with all the Commitments,and the Applicant's failure to substantially comply with the Commitments was not due to factors beyond its reasonable control. As used in this Agreement, "substantial compliance" shall mean the Applicant's compliance with the following: (a) making real property expenditures of no less than Two Million dollars ($2,000,000.00) for the rehabilitation of a multi-family apartment complex and (b) guaranteeing that for the duration of the abatement at least twenty(20) percent of the units shall be available for use by low- and moderate- income individuals or families. 5. Factors Beyond Control. As used in this Agreement, factors beyond the control of the Applicant shall only include factors not reasonably foreseeable at the time of designation application and submission of Statement of Benefits which are not caused by any act or omission of the Applicant, . and which materially and adversely affect the ability of the Applicant to substantially comply with this Agreement. 6. Repayment of Tax Abatement Savings. If at any time during the term of this Agreement the Applicant shall: (a)be delinquent or in default with respect to any tax payment in St. Joseph County, Indiana;or(b)cease operations at the facility for which the tax abatement was granted;or(c)announce the cessation of operations at such facility, then the City may immediately terminate the Economic Revitalization Area designation and associated tax abatement deductions, and upon such termination, require Applicant to repay all of the tax abatement savings received through the date of such termination. 7. Notice/Hearing of Termination. In the event that the City determines that the Economic Revitalization Area designation and associated tax abatement deductions should be terminated or that all or a portion of the tax abatement savings should be repaid,it will give the Applicant notice of such determination, including a written statement calculating the amount due from the Applicant, and will provide the Applicant with an opportunity to meet with the City's designated representatives to show cause why the abatement should not be terminated and/or the tax savings repaid. Such notice shall state the names of the person with whom the Applicant may meet and will provide that the Applicant shall have thirty (30) days from the date of such notice to arrange such meeting and to provide its evidence concerning why the abatement termination and/or tax savings repayment should not occur. If,after giving such notice and receiving such evidence,if any,the City determines that the abatement termination and/or the tax repayment action is proper, the Applicant shall be provided with written notice and a hearing before the SBCC before any final action shall be taken terminating the abatement and/or requiring repayment of tax benefits. The Applicant shall be entitled to appeal that determination to a St. Joseph County Superior or Circuit Court. 8. Repayment. In the event the City requires repayment of the tax abatement savings as provided hereunder, it shall provide Applicant with a written statement calculating the amount due (the "Statement"),and Applicant shall make such repayment to the City within one hundred twenty(120) days of the date of the Statement. If the Applicant does not make timely repayment,the City shall be entitled to all reasonable costs and attorneys' fees incurred in the enforcement and collection of the tax abatement savings required to be repaid hereunder. 2 Filed in Clerk's Office MAR 08 ?On I . DAWN M JONES CITY CLERK, SOUTH BEND,IN 9. Modification/Entire Agreement. This Agreement and the schedules attached hereto contain the entire understanding between the City and the Applicant with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings, inducements, and conditions, expressed or implied, oral, or written, except as herein contained. This Agreement may not be modified or amended other than by an agreement in writing signed by the City and the Applicant. The Applicant understands that any and all filings required to be made or actions required to be taken to initiate or maintain the abatement are solely the responsibility of the Applicant. 10. Waivers. Neither the failure nor any delay on the part of the City to exercise any right,remedy, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right,remedy,power, or privilege preclude any other or further exercise of the same or of any other right,remedy,power,or privilege with respect to any occurrence or be construed as a waiver of such right,remedy,power,or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 11. Governing Laws of Indiana. This Agreement and all questions relating to its validity, interpretation,performance,and enforcement shall be governed by the laws and decisions of the courts of the State of Indiana. 12. Applicant's Consent to Jurisdiction. The Applicant hereby irrevocably consents to the jurisdiction of the Courts of the State of Indiana and of the St.Joseph County Circuit or Superior Court in connection with any action or proceeding arising out of or relating to this Agreement or any documents or instrument delivered with respect to any of the obligations hereunder, and any action related to this Agreement shall be brought in such County and in such Court. 12. Notices. All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been received when delivered by hand or by facsimile (with confirmation by registered or certified mail) or on the third business day following the mailing,by registered or certified mail,postage prepaid,return receipt requested,thereof, addressed as set forth below: If to Applicant: SoMa Capital LLC P.O.Box L r 615 Aikv South Bend, IN 46624 Attn: Mark Neal, Co-Manager 3 Filed in Clerk`s Office MAR 08 20?:d I 1 DAWN iii.JONES CITY CLERK,SOUTH BLEND,IN i If to the City: City of South Bend,Indiana 227 W. Jefferson Boulevard,Suite 1400S South Bend,Indiana 46601 Attn: Erik Glavich, Department of Community Investment 13. Assignment and Transfer Prohibited. This Agreement shall be binding upon and inure to the benefit of the City and the Applicant and their successors and assigns, except (a) that no party may assign or transfer its rights or obligations under this Agreement without the prior written consent of the other party hereto, in which consent shall not be unreasonably withheld, and (b) Applicant may assign and transfer its rights under this Agreement to the Permitted Assign without prior written consent. "Permitted Assign" means the affiliated single purpose entity created for purposes of designing, constructing, owning, operating, and maintaining the apartment complex which is the subject of this Agreement. 14. Valid and Binding Agreement. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon,and all of which shall together constitute one and the same instrument. By executing this Agreement, each person so executing affirms that he has been duly authorized to execute this Agreement on behalf of such party and that this Agreement constitutes a valid and binding obligation of the party. 15. Severability. The provisions of this Agreement and of each section or other subdivision herein are independent of and separable from each other,and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part unless this Agreement is rendered totally unenforceable thereby.. 16. No Personal Liability. No official, director, officer, employee, or agent of the City shall be charged personally by the Applicant, its employees, or its agents with any liabilities or expenses of defense or be held personally liable to the Applicant under any term or provision of this Agreement or because of the execution by such party of this Agreement or because of any default by such party hereunder. [Remainder of page intentionally blank.] 4 Filed in Clerk's Office MAR 08 ZOZ:i DAWN M.JONES CITY CLERK,SOUTH BEND,IN I IN WITNESS WHEREOF,the parties hereto have executed this Agreement as of the day and year first above written. "Applicant" "City" SoMA Capital LLC City of South Bend,Indiana 9 By: By: Mark Neal Sharon McBride Co-Manager President,South Bend Common Council Approved as to Legal Adequacy and Form this By: day of ,2022. Rachel Tomas Morgan Chairperson,Community Investment Counsel, South Bend Common Council Committee r (ty,„ 3 t By: r Erik Glavich Counsel for Applicant Department of Community Investment By: James Mueller Mayor 5 . .ice FEr 2 2 tU?' BILL NO. 23-06 I j RESOLUTION NO. 5005-23 M.JONES CITY CLLEHKN O JTTH BEND,IN 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 536 South Main Street, South Bend, IN 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN EIGHT- YEAR (8) REAL PROPERTY TAX ABATEMENT FOR SoMa Capital LLC WHEREAS, a petition for real property tax abatement have been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the areas described as: Key Number: 71-08-12-306-006.000-026 Commonly Known As: 536 South Main Street, South Bend, Indiana 46601 Legal Description: Lot 36 Ex 82 1/2 Ft E End Samuel Martins Add be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6-1.1- 12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS,petitioner has agreed to and has accepted responsibility to report any changes in the Key Number and legal description to the Department of Community Investment and to the Office of the City Clerk; and WHEREAS,the Department of Community Investment has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that each area qualifies as an Economic Revitalization Area under Indiana Code § 6-1.1-12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq., 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: Filed in Clerk's Office MAR 0 8 Z023 DAWN M.JONES CITY CLERK,SOUTH BEND,IN SECTION I. The Common Council hereby determines and finds that the Petitions 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 Areas 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 six(8)years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code § 6-1.1-12.1-17. Year t — 100% �B Clerk's Office Year 2— 100% MAR 0 8 202:1 DAWN Ni.JONES CITY CLERK, SOUTH 8END,IN Year 3—95% Year 4-95% Year 5—90% Year 6—90% Year 7—85% Year 8-85% 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. Sharon McBride, Council President South Bend Common Council Attest: Dawn M. Jones, City Clerk Office of the City Clerk Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the City of South Bend, Indiana, on the day of , 2023, at o'clock .m. Dawn M. Jones, City Clerk Office of the City Clerk Approved and signed by me on the day of ,2023,at o'clock .m. Fit - : ''ffice James Mueller, Mayor _ _ Fu; ;: 2 ..;),•) City of South Bend Filed in Clerk's Office 1 DA WN M.JONES J CITY CLERK,SOUTH BEND,IN , MAR 0 8 701.3 DAWN M.JUNES CITY CLERK, SOUTH BEND,IN TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Multi-Family Residential Real Property Tax Abatement Petition for SoMa Capital LLC (536 S. Main Street) DATE: February 22, 2023 On February 21, 2023, a petition for tax abatement from SoMa Capital LLC was filed with the Office of the City Clerk. The petition seeks consideration for a multi-family residential real property tax abatement for property at 536 S. Main Street in South Bend, Indiana. 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 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 • The developer, SoMa Capital LLC, plans to rehabilitate the abandoned apartment building located at the northeast corner of S. Main Street and W. South Street. Built in 1915, the building has been vacant since a summer 2021 fire (a previous fire had also occurred) and had fallen into neglect due to serious deferred maintenance. • SoMa Capital LLC will re-develop the building into 12 newly rehabbed apartments (originally there were 8 apartments), totaling over 11,000 square feet and consisting of four(4) studios, five (5) one-bedroom and three (3)two-bedroom units. The building will receive all new mechanical, plumbing, fire, and electrical infrastructure. Each unit will have new HVAC systems and appliances. The building will have new windows, and the exterior brick facade will be restored. • The building will include at least three (3)affordable units for low-to moderate-income households at 80% of AMI. Tax Estimates The petitioner qualifies for an eight-year(8) multi-family residential real property tax abatement. • Taxes paid in 2022 for the existing property: $5,235 • Total estimated taxes during the eight-year(8) abatement period: $342,850 • Estimated taxes being abated during the abatement period: $213,157 • Estimated total taxes to be paid during the abatement period: $129,693 Emplloyment Impact SoMa Capital LLC is an entity created with the intent of rehabilitating the property for which this abatement applies and adjacent properties. The organization does not have any current employees. • Upon completion of the apartment building's rehabilitation, management of the building will be handled by the owners directly given their broad experience in building management(or indirectly with a third-party organization experienced in apartment management). This apartment building will require maintenance professionals, a property manager, and landscape services. • The larger project, which incorporates land adjacent to the apartment building, will have an estimated 25 full-time employees upon its completion. The larger project will include the creation of an entrepreneur hub/co-working space along with a commissary kitchen and multiple small retail/entertainment spaces. Abatement Qualification 1. A review of the tax abatements previously granted, finds that the petitioner has certain partners who have been granted previous abatements on other properties and all have been satisfactorily maintained, administered and in compliance. a. Five-year(5) real property tax abatement; Resolution No. 4622-17; March 2017 2. The property is properly zoned for the proposed project. 3. Taxes on the property have been paid in full. 4. A review of the South Bend Redevelopment designation areas finds that the property is in the River West Development Area. 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications for a (8) eight-year multi-family residential real property tax abatement under Division 2 (Residential Development Real Property Tax Abatement), Section 2-77 (Multi-Family Residential Developments). 2 8-Year Abatement February 21,2023 SoMa Capital LLC South Bend Portage Township Residential Real Property Tax Abatement Schedule Type of Dwelling: Multi-Family Residence -12 units- Estimated Project Cost $ 1,965,000 Rehabilitation Property Address: 536 S Main Street,South Bend,IN 46601 Tax Key Number: 71-08-12-306-006,000-026 Without Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Assessed Value(AV) Land $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 $ 6,600 Structure(Current AV+80%Project Cost) 207,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 1,779,300 Gross Assessed Value 213,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 1,785,900 Abatement 100% 100% 95% 95% 90% 90% 85% 85% Abatement Deduction - (1,572,000) (1,572,000) (1,493,400) (1,493,400) (1,414,800) (1,414,800) (1,336,200) (1,336,200) Net Assessed Value 213,900 1.785.900 213,900 213,900 292,500 292,500 371,100 371,100 449,700 449,700 Property Taxes Assume constant tax rate of 5.2897% Gross Tax(Tax Rate x Net AV) 11,315 94,469 11,315 11,315 15,472 15,472 19,630 19,630 23,788 23,788 Local Tax Credit(8.2562%of GT-DS) (864) (7,210) (864) (864) (1,181) (1,181) (1,498) (1,498) (1,816) (1,816) Circuit Breaker Credit (5,318) (44,402) - - - - - - - - Taxes Due $ 5,133 $ 42,856 $ 10,451 $ 10,451 $ 14,291 $ 14,291 $ 18,132 $ 18,132 $ 21,972 $ 21,972 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% Circuit Breaker Cap 4,278 35,718 35,718 35,718 35,718 35,718 35,718 35,718 35,718 35,718 Debt Service(0.3997%of Net AV) 855 7,138 855 855 1,169 1,169 1,483 1,483 1,797 1,797 Max Tax Under the Cap 5,133 42,856 36,573 36,573 36,887 36,887 37,201 37,201 37,515 37,5/5 Combined Year Abatement Current Taxes New Net Taxes Current& Taxes Abated Due Projected Tax New Taxes Paid 1 100% $ 5,133 $ 37,723 $ 42,856 $ (32,405) $ 10,451_ 2 100% 5,133 37,723 42,856 (32,405) 10,451 3 95% 5,133 37,723 42,856 (28,565) 14,291 4 95% 5,133 37,723 42,856 (28,565) 14,291 5 90% 5,133 37,723 42,856 (24,724) 18,132 6 90% 5,133 37,723 42,856 (24,724) 18,132 7 85% 5,133 37,723 42,856 (20,884) 21,972 8 85% 5,133 37,723 42,856 (20,884) 21,972 Total: 41,064 301,786 342,850 (213,157) 129,693 This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. ` Department of Community Investment The true tax values will ultimately be determined by the actual assessed valuation and the then-current tax rates. City of South Bend City of South Bend Y ; Petition for Incentives ' ` Petition must include a$250 filing fee payable to the City Clerk's Office before processing can be complete r General Information Project Name i Project Numyer Legal name as registered with Secretary of Scare SoMa Capital LLC rrn r. nn. Business structure limited liability i company websiten/a ` i __ 1 1 rI AU/AI AA (r-NCS Proposed Project Information 1 CITY CLERK,SOUTH I END. IN Proposed project address 1536 S. Main Street Parent company name (none City,State,Zip South Bend, IN 46601 Legal owner SoMa Capital LLC Site acreage or acreage required 0.25 acres Its the real estate owned or I Owned Square feet of facility 111,212 Iif leased by whom Primary Contact Information Primary company contact name (Mark Neal (Title Co-Manager Address of company contact 321 S. Main St.,#306 Phone 574-339-9406 City,State,Zip 1South Bend, IN 46601 `Email mneal@bradleyco.com Senior Official Information I Company senior official name I Tithe same as above Address of company contact rd different from Phone abgvvl City.State,Zip Email Consultant Information/Agent Hired business consultant/agent name 1 n/a Consultant release(Y/N) Address Local economic development partners aoproval n/NI City,State,Zip I Email Project Overview Brief description of your Redevelopment of a 1915 downtown apartment building which fell into company,project,and why the property is necessary for neglect due to seriously deferred maintenance and two fires in the last economic growth 5 years. Building would be expanded to 12 units (originally 8) with restored brick facade and completely new infrastructure of plumbing, electric, HVAC systems and new appliances. Leasing would target entrepreneurs or other innovation focused individuals (emerging small business owners) and include 20% affordable units at 80% AMI. This smaller residential development proximate to city resources (jobs, entertainment, leisure activty) will provide an enhanced community experience with greater population density to improve livability, safety and downtown dynamism. Certified Technology Park appropriate n/a Is the project in a Tax Incremental Financing (TIF)area? H so.whirl,? Yes, River West Have Building Permits been issued?(Y/N) N O Number of residential units created by I1G ry Moto-Not Nltlble foe abntornent it Y.<1 If this Is a petition for personal property tax abatement,has the enuinment been installed n/a Investment Details Public Infrastructure needs(Off- Has any SO4 funding been What is the value of any equipment being purchased in What is the value of any equipment being site of project In dollars) received? Indiana for the project? purchased from out of state for the project? n/a No n/a $0 New Project Investments Calendar Year 2022 2023 2024 2025 2026 2027 2028 2029 Land Acquisition _- Ouilding Lease Payments BuHding Purchase Costs $2$7,rq CS Neve Building Construction ! • Enir:v.Building Improvements 3.;.F;-soc New Machinery&Equipment ' '" Ogk rr-c.al Tooling/Retooling I CITY CLERK.SOUTH B NiJ,IN • New Furniture/Fixtures '5.000 00 New Computer/IT Hardware I 3 25.COO 00 New Software On.s;te Rail Infrastructure 3n-site Fiber Infrastructure 7I TOTAL I $2+7.000.00 S21..coow $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 _J Full-Time Permanent Indiana-Resident Positions by Calendar Year -Calendar Year lobs retained Total hourly Cumulative It of net NEW full time Hourly average wage,w/a Total training Total II to be wage w/o permanent jobs created at project benefits or bonuses,of expenditure- trained-not hinge or cumulative net new jobs not cumulative bonuses cumulative 2022 n/a I 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Provide hourly wage information for new employees in the following positions. Full time Part time Laborers n/a Technical n/a Managerial n/a Administrative n/a web ww oe tern momouai responsible ror coordinating with WorkOne on recruiting? I n/a Does your company have an EEO hiring policy? n/a Are you an EEO employer? n/ 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: diversity and inclusion by detailing your outreach and recruitment efforts for the last Year 2022 2021 2020 three years as well as current policies. Full Time Part Time Full Time I Part Time Full Time Part Time Black N/A Hispanic Asian Indian Female Other I • FEE 4 ..i Complete below for Real or Personal Property Tax Abatement only. !__— Please sign for all requested incentives. DA*'i M.JONES CITY CLERK,SOUTH BEND,IN Public Benefit Item: Information is required on both the construction companies and the companies which will provide materials purchased for this project. Please complete the table below with the appropriate information. If Qualify Earned Points Available Points (Yes or No) you qualify for the points,please enter the full amount of available points. 1 Construction Related(Contractors): A. Employ Local Companies(75%) Y 20 20 B. Purchase Materials from Local Companies(75%) Y 20 20 C. Require Employees vs.Independent Contractors Y 19 19 D. Require Prevailing Wage(Davis Bacon) N 22 E Require Health Benefits Y 22 22 F. Require Retirement Benefits Y 18 18 G. Maintain Affirmative Action Plan Y 20 20 Sub-total Construction Related: 119 141 2 Wage&Benefit Related(OwnerJ; A. Pay Target Wage Levels n/2 33 B. Provide Health Benefits n/a 34 C. Provide Retirement Benefits n/a 29 D. Provide Training n/a 28 E. Provide Child Care n/a 15 F. Provide Transportation Assistance n/a 14 G. Provide Employer Assisted Housing program n/a 9 Sub-total Wage&Benefit Related: 0 162 3 Workforce Related: A. Create New Jobs n/a 42 B. Retain Existing Jobs n/a 41 C. Maintain Affirmative Action Plan Y 35 35 r1 D. Provide Targeted Hiring Preference ' 1/a 34 Sub-total Workforce Related: 35 152 4 Support a Municipal Facility: A Support a SB Municipal Facility(donations to the zoo,conservatory,museum,etc.) Y 84 84 Name of Facility I Sub-total Municipal Facility: 84 84 Sub-total from Above: 238 539 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 seq.,and South Bend Municipal Code Sec.2-76 et seq.,for this petition state the above. Submitted By: Mark W.Neal Date: )2/16/23 1 FEE z .I For Staff Use Only Below This Line I I -- I CITY CLERK.SOUTH BEND, IN What is the current assessed value? Real Property: 1/3,Q/)O Personal Property: What is the projected assessed value? Real Property: I, 7 Q4 J,90 o Personal Property: What is the tax key number for this project? 7/ -e)er _/� w 30(.- 006 . coo - O 2...1 What is the six digit NAICS code? J, / /v/'l Please attach a Google map and street view of the location. Please list the amount of real and personal property taxes Real Property Taxes: Personal Property Taxes: paid for the last five years when applicable. Tear One 20.L 2 5.a-3 S.0 b I �1 /a Year Two Li S 1337 •77 Year Three a° Lo 3 42. R. Year Pour LD 19 1 5.2.o 7. 34 Year Five ''ut,t , 7 45 t• 3 . 57 Please filloutthe following Public Benefit Summary Information and add to total from above. fY or Nl J Points I Points Public Benefit Item: Project Related: 5 A. Redevelop a Site that has Special Needs eI )1 49 B. Develop Based on Local University Research fJ Ii 35 1Achieve a Physical Element of a Plan d 36 ISub-total Project Related: '7.1q 120 6 Super Size Projects fpoint values are cumulative): A. 100%to 199% b 2,.5. 25 B. 200%to 299% (/Q 69 C. 300%to 399% 1 1 5 65 0. 400%and Over 4 .5'2-- 52 Sub-total Super Size Projects: ZI b 210 7 Pay for Municipal Infrastructure: A. Pay for Oversizing or Upgrading 14 B. Pa:,for 26-50%of Extension Cost 26 C. Pay for 51-75%of Extension Cost 39 C Pay for 76-100%of Extension Cost 52 Sub-total Infrastructure Related: O 131 .. Total from Applicant Section: 37 539 Total from Staff Section: ';..5 4 461 Total Public Benefit Points: f 9 7 1000 c;!,, , -pr's . lice I „.3.1-7-N STATEMENT OF BENEFITS FEB 1 '6?s I 20 PAY 20 :4--• i:,- REAL ESTATE IMPROVEMENTS r State Form 51767(R6 I 10-14)Nx (� FORM SB-1 I Real Property «. Prescribed by the Department of Local Government F. ance I DAWN M.JONES Cl,CIA CLERK.SOUTH BEND, IN PRIVACY HOTICE This statement is being completed for real property thatquatifies unde - - _ • . . . -• Any information concerning the cost ❑Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4) of the property and specific salaries paid to individual employees by the ❑Residentially distressed area(IC 6-1.1-12.1-4.1) properly owner Is confidential per CI 6-1 1-12.1-5.1. INSTRUCTIONS: 1, This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted to the designating body BEFORE the redevelopment 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 en 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 322/RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation Ls 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 owner who files for the deduction must provide the County Auditor and designating body with a Form CF-1/Real Property. The Form CF-1/Real Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable. iC 6-1.1-12.1-5.1(b) 5. For a Form SB-1/Real Property that is approved after June 30, 2013,the designating body is required to establish an abatement schedule for each deduction allowed. For a Form SB-1/Real Property that is approved prior to July 1, 2013. the abatement schedule approved by the designating body remains in effect. IC 6-1.1-12.1-17 SECTION 1 TAXPAYER INFORMATION Name of taxpayer SoMa Capital LLC 16 Address of taxpayer(number and street,city{slate,and ZIP code) 15 W. Colfax Avenue, South Bend, iN 46601 Name of contact person Telephone number E-mail address I1 o_d 6-M bunt,, ( ) 574-286-7119 b.emberton@outlook.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Common Council of South Bend Location of property I County DLGF taxing district number 536 S. Main St, South Bend, IN 46601 St. Joseph 026 Description of real properly improvements,redevelopment,or renabditahmn(use addeonal steels rr necessary) Estimated start date(month,day,yeah Estimated /2023 Redevelopment of a building into 12 new apartments with new electric,gas,water, HVAC a Estimated completion date(rronth,day,year) 03/31/2024 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salaries Number additional Salaries SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST I ASSESSED VALUE f Current values 1237000 1213900 1 Plus estimated values of proposed project 12065000 1 Less values of any property being replaced 10 1 Net estimated values upon completion of project 2302000 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER N/A Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) N/A Other benefits SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized representative , \ Date signed(month,day,year) — - --L.„-----.1 02/21/23 Pnnted name of authorized representative 1 Title Mark W. Neal Co-Manager Page 1 of 2 _.':FOR USE OF;TNE.DESIGNATING BODY. ' ' We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed under IC 6-1.1-12.1,provides for the following limitations: A. The designated area has been limited to a period of time not to exceed calendar years*(see below). The date this designation expires is B. The type of deduction that is allowed in the designated area is limited to: 1.Redevelopment or rehabilitation of real estate improvements 0 Yes ❑No 2.Residentially distressed areas 0 Yes 0 No C. The amount of the deduction applicable is limited to$ D. Other limitations or conditions(specify) E. Number of years allowed: ❑Year 1 ❑Year 2 ❑Year 3 ❑Year 4 C Year 5 ('see below) ❑Year 6 ❑Year 7 ❑Year 8 ❑Year 9 ❑ Year 10 F. For a statement of benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 5-1.1-12.1-17? ❑Yes 0 N 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 bile 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(signature end title of atfester) Printed name of attester •if the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that Is less than the number of years designated under IC 5-1.1-12.1-17. A. For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1,2013,the deductions established in IC 6-1.1-12.1-4.1 remain in effect.The deduction period may not exceed five(5)years. For a Form SB-1/Real Property that is approved after June 30, 2013,the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten (10)years. (See IC 6-1.1-12.1-17 below.) B. For the redevelopment or rehabilitation of real property where the Form SB-1/Real Property was approved prior to July 1,2013,the abatement schedule approved by the designating body remains In effect.For a Form 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,(See IC 6-1.1-12.1-17 below.) IC 6-1.1-12.1-17 Abatement schedules Sec.17.(a)A designating body may provide to a business that Is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based on the following factors: (1) The total amount of the taxpayer's investment in real and personal property. (2) The number of new full-time equivalent jobs created. (3) The average wage of the new employees compared to the state minimum wage. (4) The infrastructure requirements for the taxpayer's investment, (b) This subsection applies to a statement of benefits approved after June 30,2013. A designating body shall establish an abatement schedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may not exceed ten(10)years. (c) An abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. I L� _ DAV;N, otsjE$ CITY CLINK,SOUTH BEND, IN Page 2 of 2 536 South Main Street (Tax Key Number: 71-08-12-306-006.000-026) • Y II i ` .: I. ANEW N. , illig• SouthSt tit . . View from Main Street looking east 0.J 7.: i7 ,_ '!4:4" 1 ,. 4k,k*R; x d yq ... a.4 m.' ?x,!+...:.. 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F.'i I „---,• • 1 .'• Millimill.1- 1 Oil • f 7.1,..,,,,,.,,••:,:;:6„,,,...fokk •:.-•,- -' • •• -j , -.. • .. • z . .. , ,, -:4. . .. .. '-.,. -1,:-.',,i•....21::: ;1;,;;;;.7:;:1)::,,,A-..;..,,,,. ....404.7.-4--__ ...-.. ..,. .'. . • ..,,.' . ;-':".-:.. ,..-..... 3 i • •i.. ,. . 'i' l\ ri.•, 1__../ .1 / ,----/ ' i,.. 4 ,:,7-19%..:,,t..: . , .. i___, ,_ ../ ..,,,._•-• ., i Ilt. : 1 .....i .,. .. .... .._.... . p ] sT3›r = , ,-i II .. Eil,..1 /0=-/ /49-'-:7' - , . 41. i / . , . • N . i I `—. ,.•..'...:;” ...4 , c • ' in—Zi 4 -- 0• M C:) 1a._ .. l' 1, 'i Cc CO MO Z Filed in Clerk's Office Vii!- •-- 's rffice - --- I MAR 0 A 202;1 e,-4 STATEMENT OF BENEFITS FEB [ 1 `'f,)j DA`. p_i PAY.2 �4-- REAL ESTATE IMPROVEMENTS f CITY ._7. ' `:' IN State Form 51767(R6 l 10-14) 1. -FORM SB-1 I Real Property - � `' Prescribed by the Department of Local Government F ante DAWN M.JONES CI GLERK.SOUTH BEND, IN PRIVACY NOTICE This statement is being completed for real property that qualifies uncle -. , • •. • . . -. . • •- Any information concerning the cost ❑Redevelopment or rehabilitation of real estate improvements(IC 6-1,1-12.1-4) or the property and specific salaries the paid to individual employers by the o Residentially distressed area(IC 6-1.1-12.1.4.1) properlyownerIsconfidential per IC 6.1 1-12.1-5.1. INSTRUCTIONS: 1, This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted to the designating body BEFORE the redevelopment 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 deduction,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 fo the property owner if it was mailed after April 10. A property owner who failed to file a deduction application within the prescnbed deadline may file an application between March 1 and May 10 of a subsequent year. 4. A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF-1/Real Property. The Form CF-1/Real Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable. IC 6-1.1-12.1-5.1(b) 5. For a Form S8-1/Real Property that is approved after June 30, 2013,the designating body is required to establish an abatement schedule for each deduction allowed. For a Form SB-1/Real Property that is approved prior to July 1, 2013,the abatement schedule approved by the designating body remains in effect. IC 6-1.1-12.1-17 SECTION 1 TAXPAYER INFORMATION Name of taxpayer SoMa Capital LLC 16 Address of tamayer(number and street,city state,and ZIP code) 15 W. Colfax Avenue, South Bend, IN 46601 Name of contact person Telephone number E-mail address (3;i_d g/fier+c,) ( ) 574-286-7119 b.emberton@outlook.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Common Council of South Bend Location of property County DLGF taxing district number 536 S. Main St, South Bend, IN 46601 St. Joseph 026 Description of real property improvements,redevelopment,or rehabilitation(use addihonar sheets it necessary) Estimated start date(month,day,year) 4/01/2023 Redevelopment of a building into 12 new apartments with new electric,gas,water, HVAC a Estimated completion date(month,day,year) 03/31/2024 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Num ter retained Salaries Number additional Salaries SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS 1 COST I ASSESSED VALUE I Current values 1237000 1213900 I Plus estimated values of proposed project 12065000 I Less values of any property being replaced 10 1 Net estimated values upon completion of project 2302000 1 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER N/A Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) N/A Other benefits SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized representative \ ` Date signed(month,day,year) _--------I-___.------' 02/21/23 Pnnted name of authorized representative 1 Title Mark W. Neal Co-Manager Page 1 of 2 :..1... . ... .._ •- ;',;FOR USE OFTHE DESIGNATING BODY. ' . . We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed under IC 6-1.1-12.1,provides for the following limitations: A. The designated area has been limited to a period of time not to exceed 3 calendar years`(see below). The date this designation expires is March 13, 2026 B. The type of deduction that is allowed in the designated area is limited to: 1.Redevelopment or rehabilitation of real estate improvements D32 Yes 0 No 2.Residentially distressed areas 0 Yes ®No C. The amount of the deduction applicable is limited to$ N/A D. Other limitations or conditions(specify) None E. Number of years allowed: ❑Year 1 0 Year 2 0 Year 3 ❑Year 4 0 Year 5 ('see below) ❑Year 6 ❑Year 7 IX]Year 8 0 Year 9 0 Year 10 F. For a statement of benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? 21Yes 0N If yes,attach a copy of the abatement schedule to this form. If no,the designating body is required to establish an abatement schedule before the deduction can be determined. • We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved(signature and title of authorized member of designating body) Telephone number Date signed(month,day,year) ( ) Printed name of authorized member of designating body Name of designating body Attested by(signature end title of abester) Printed name of attester • f the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under 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(5)years. For a Form SB-1/Real Property that is approved after June 30, 2013,the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten (10)years. (See IC 6-1.1-121-17 below.) B. For the redevelopment or rehabilitation of real property where the Form SB-1/Real Property was approved prior to July 1,2013,the abatement schedule approved by the designating body remains In effect.For a Form 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,(See IC 6-1.1-12.1-17 below.) IC 6-1.1-12.1-17 Abatement schedules Sec.17.(a)A designating body may provide to a business that Is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based on the following factors: (1) The total amount of the taxpayer's investment in real and personal property. (2) The number of new full-time equivalent jobs created. (3) The average wage of the new employees compared to the state minimum wage. (4) The infrastructure requirements for the taxpayer's Investment. (b) This subsection applies to a statement of benefits approved after June 30,2013. A designating body shall establish an abatement schedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may not exceed ten(10)years. (c) An abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. FEB e 1 nn (r ..__ DAWN IJNNES Filed in Cler s 1 ce+�`sSOUTH BEND, IN Page 2 f:-------- MAR 0 8 2023 _MAR =i-,.,wti 1\,( 71 CITY CLERK, oi.rn.t-REND,IN j