HomeMy WebLinkAboutBill No. 23-34 Declaratory Resolution 1405 Portage Ave. 5 yr. Real Property Tax Abatement Peak Inv. & Asset Management, LLC Filed in Clerk's Office ,
7,,-----
,Z CITY OF SOUTH BENS L JUN 2 1 2023
- COMMUNITY INVESTMENTf CITY CDE CLERK,SOUTH IN
June 21, 2023
Council Member Rachel Tomas Morgan
Chairperson, Community Investment Committee
South Bend Common Council
County-City Building, 4th Floor
South Bend, Indiana 46601
RE: Declaratory Resolution: Retail Development Real Property Tax Abatement Petition for
Peak Investment and Asset Management LLC
Dear Council Member Tomas Morgan:
Please find the enclosed information pertaining to a retail development real property tax
abatement petition submitted by Peak Investment and Asset Management LLC, an Indiana
Limited Liability Company. This petition package includes:
• Department of Community Investment's summary report
• Petition for abatement
• Statement of Benefits form (SB-1 / Real Property)
• Supporting information
The report contains the Department's findings relative to the above-mentioned petition. The
petitioner plans to construct a retail center consisting of two brand new buildings (10,300 square
feet total) at the corner of Portage and Elwood Avenues in South Bend. The site is currently a
vacant gas station. The total private investment for the project is $1.44 million.
The project meets the requirements established by Sections 2-79 et seq. and would qualify for a
five-year(5) retail development real property tax abatement. A representative from Peak
Investment and Asset Management LLC will be available to meet with the Committee on
Monday, June 26, 2023.
If you or any of the other Council members have questions concerning the report or need
additional information, please contact me at(574) 235-5838.
Sincerely,
Erik Glavich
Director, Growth and Opportunity
EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
14005 County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov
LIFiledffice
BILL NO. 23-34
RESOLUTION NO. 5030-23 iND,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
1405 Portage Avenue, South Bend, IN 46616
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
FIVE-YEAR (5) REAL PROPERTY TAX ABATEMENT FOR
Peak Investment and Asset Management 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 the area described as:
Key Number: 71-03-35-360-020.000-026
Commonly Known As: 1405 Portage Avenue
Legal Description: Lot C Victory Add& Vac Alley N&Adj&Ex Se
Tri Cor to City 20/21 Con w/018-2182-6830 Per
Assessors Req IC 6-1.1-5-16
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 the 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:
SECTION I. The Common Council hereby determines and finds that the Petition for Real Property
Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the
requirements of Indiana Code 6-1.1-12.1 et seq. for tax abatement.
SECTION II. The Common Council hereby determines and finds the following:
A. That the description of the proposed redevelopment or rehabilitation meets the
applicable standards for such development;
B. That the estimate of the value of the redevelopment or rehabilitation is reasonable
for projects of this nature;
C. That the estimate of the number of individuals who will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result from the
proposed described redevelopment or rehabilitation;
D. That the estimate of the annual salaries of those individuals who will be employed
or whose employment will be retained by the Petitioner can be reasonably expected to result from
the proposed redevelopment or rehabilitation;
E. That the other benefits about which information was requested are benefits that can
be reasonably expected to result from the proposed described redevelopment or rehabilitation; and
F. That the totality of benefits is sufficient to justify the requested deduction, all of
which satisfy the requirements of Indiana Code 6-1.1-12.1-3.
SECTION III. The Common Council hereby determines and finds that the proposed described
redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the
Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement
Consideration and the Memorandum of Agreement between the Petitioner and the City of South
Bend, and that the Statement of Benefits form completed by the petitioner, said form being
prescribed by the State Board of Accounts, is 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 the area as an Economic
Revitalization Area for purposes of real property tax abatement.
SECTION V. The designation as an Economic Revitalization Area shall expire on December 31,
2026.
SECTION VI. The Common Council hereby determines that the property owner is qualified for
and is granted property tax deduction for a period of five (5) 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 - 90%
Year 3 - 80%
Year 4 - 70%
Year 5 - 60%
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.
James Mueller, Mayo
City of South Bend Filed in Clerk's Office
JUN 2 1 2023
DAWN M.JONES
CITY CLERK,SOUTH BEND,IN
TAX ABATEMENT REPORT
TO: South Bend Common Council
FROM: Erik Glavich, Director, Growth and Opportunity
SUBJECT: Retail Development Real Property Tax Abatement Petition for Peak Investment
and Asset Management LLC
DATE: June 21, 2023
On June 13, 2023, a petition for tax abatement from Peak Investment and Asset Management,
LLC was filed with the Office of the City Clerk. The petition seeks consideration for a retail
development real property tax abatement for property located at 1405 Portage Avenue in South
Bend.
Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South
Bend, the 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 Indiana Code 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
• Peak Investment and Asset Management LLC purchased the former Speedway gas
station located at 1405 Portage Avenue in 2022 and plans to develop a neighborhood
shopping center(10,300 square feet). The center will consist of two brand new buildings
separated by a parking lot, which will be accessed from Elwood Avenue. One of the
buildings will include three (3) storefronts directly on Portage Avenue.
• The expected private investment in the project is $1.44 million.
• This neighborhood shopping center is anticipated to provide retail space opportunity for
small business owners, which in turn should create 15-20 new jobs.
• The project is intended to bring livelihood to the community with a stated goal of
dedicating the shopping center to District 1 of the City of South Bend.
Employment Impact
• Peak Investment and Asset Management LLC is projecting that the shopping center will
lead to the creation of at least 15 new positions with an average starting wage of$16 per
hour in the first year of operations. Jobs would be created by tenants.
Tax Estimates
The petitioner qualifies for a five-year(5) retail development real property tax abatement.
• Estimated taxes due annually for the current property: $2,771
• Estimated annual taxes after the project's completion: $39,437
• Total estimated taxes during the five-year(5) abatement period: $197,183
o Estimated taxes being abated during the abatement period: $124,908
o Estimated total taxes to be paid during the abatement period: $72,275
Abatement Qualification
1. A review of the tax abatements previously granted finds that the petitioner has not been
granted or is associated with a previous abatement.
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 five-year(5) retail development real property tax abatement under
Division 4 (Retail Development Real Property Tax Abatement), Section 2-79 (Retail
developments in Central Business District, East Bank Development Area and Tax
Abatement Impact Areas).
2
5-Year Abatement June 16,2023
Peak Investment and Asset Management LLC
South Bend Portage Township
Commerical Development Real Property Tax Abatement Schedule*
Type of Property: Retail Establishment
Estimated Project Cost: $ 1,400,000 New Construction
Property Address: 1405 Portage Avenue
Tax Key Number: 71-03-35-360-020,000-026
Without
Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5
Assessed Value(AV)
Land $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 40,000
Structure(AV=80%Project Cost) 41,500 1,120,000 1,120,000 1,120,000 1,120,000 1,120,000 1,120,000
Gross Assessed Value 81,500 1,160,000 1,160,000 1,160,000 1,160,000 1,160,000 1,160,000
Abatement 100% 90% 80% 70% 60%
Abatement Deduction - (1,078,500) (970,650) (862,800) (754,950) (647,100)
Net Assessed Value 81,500 1,160,000 81,500 189,350 297,200 405,050 512,900
Property Taxes
Assume constant tax rate of 5.2897%
Gross Tax(Tax Rate x Net AV) 4,311 61,361 4,311 10,016 15,721 21,426 27,131
Local Tax Credit(8.7112%of GT-DS) (347) (4,941) (347) (807) (1,266) (1,725) (2,185)
Circuit Breaker Credit (1,193) (16,983) - - - - -
Taxes Due $ 2,771 $ 39,437 $ 3,964 $ 9,209 $ 14,455 $ 19,701 $ 24,946
3% 3% 3% 3% 3% 3% 3%
Circuit Breaker Cap 2,445 34,800 34,800 34,800 34,800 34,800 34,800
Debt Service(0.3997%of Net AV) 326 4,637 326 757 1,188 1,619 2,050
Max Tax Under the Cap 2,771 39,437 35,126 35,557 35,988 36,419 36,850
Combined
Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
Due Projected Tax Paid
New Taxes
1 100% $ 2,771 $ 36,666 $ 39,437 $ (35,473) $ 3,964
2 90% 2,771 36,666 39,437 (30,227) 9,209
3 80% 2,771 36,666 39,437 (24,982) 14,455
4 70% 2,771 36,666 39,437 (19,736) 19,701
5 60% 2,771 36,666 39,437 (14,490) 24,946
Total: 13,854 183,329 197,183 (124,908) 72,275
This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. ?ANT.,`, 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
FilT • edinCIj '3Cffjce
City of South Bend In5tructlon5:Complete pa es 1-3
AND the proper Form S6-t for
thetypeofabatement(rdal J d��,
Petition for Incentives (4 tlivr.
property or personal pro-ertyl
Petition must include a$250 filing fee payable to the City Clerk's Office for which you are applyir g. -a= - •
before processing can be complete DAWN ilCif.JO CIE`'
General Information Project Name NSC; Project Num•er — __! ':ND, IN
Legal name as registered with
Secretary of State Peak Investment and Asset Management LLC
Business structure Domestic Limited Liability Company
Company website N/A
Proposed Project Information
Proposed project address 1405 Portage Ave Parent company name
City,State,Zip South Bend, IN 46616 Legal owner
Site acreage or acreage required
0.4
Is the real estate 555500
or leased? Owned
Square feet of facility 10,300 If leased,by whom?
Primary Contact Information
Primary company contact name Praveen K Gulati nde Owner/Manager
Address of company contact 5199 Gardenia Ct Phone (765)412-0756
City,state,Pip West Lafayette, IN 47906 Email praveeng217@grnail.com
Senior Official Information
Company senior official name Title
Same as above Address of company contact Phone
(if different from above)
City,State,Zip Email
Consultant Information/Agent
Hired business consultant/agent name NiA Consultant release?(YIN)
Address Local economic development partners
approval?jY/N)
City,State,Zip Email
Project Overview
Brief description of your
company,protect,and why the It is with great enthusiasm that we present this proposal for our
property is necessary for neighborhood shopping center (NSC). bring
This project will livelihood
economic growth to the community pg
this area by providing opportunities for small
business ownerships and creating 15-20 jobs for area residents. The
main goal of our.organization is to dedicate this shopping center to
District 1 of the City of South Bend.
Certified Technology Park appropriate N/A
Is the project in a Tax Incremental Financing
(TIF)area? If so,which? River West
Have Building Permits been issued?(Y/N) Numbar of residential Mitts created by N/A
[Note-Not eligible for abatement if Yes( N project
If this is a petition for personal property tax abatement,has
the equipment been Installed? N/A
Investment Details
Public Infrastructure needs Has any 504 funding been What is the value of any equipment being purchased in What is the value of any equipment being
(Off-site of project in dollars) received? Indiana for the project? purchased from out of state for the project?
0 No __ N/A N/A
New Protect Investments
Calendar Year 2022 2023 2024 2025 2026 2027 2028 2029
Land Acquisition ..
Budding Lease Payments
Building Purchase Costs
New Building Construction
Existing Building Improvements
New Machinery&Equipment
Special Tooling/Retooling
New Furniture/Fixtures
New Computer/IT Hardware
New Software
On-ante Rail Infrastructure
On-site Fiber Infrastructure
TOTAL $27 000.00 $10.000.00 $1,400,000.00 $0.00 $0.00 $0.00 $0.00 $0.00
Full-lime Permanent Indiana-Resident Positions by Calendar Year
Calendar Year Jobs retained [ Hourly Cumulative B of net NEW full time Hourly average wage,w/o Total training Total a to be
wor20permanent jobs created at project benefits or bonuses,of expenditure- trained-riot
wage.w/o
benefits or cumulative net new jobs not cumulative
bonuses cumulative
2023
2024
2025 15 $ 16.00
2026 15 $16.00
2027 15 $ 16.00
2028 15 $20.00
2029 15 $20.00
2030 15 $20.00
2031 15 $22.00
2032 15 S 22.00
2033 15 S 22.00
2034 15 S 22.00
Provide hourly wage Information for new employees in the following positions.
Full time Part time
Laborers S 13.30
Technical
Managerial $ 15.00
Administrative $ 15.00
Who will be the individual responsible for coordinating
with WorkOne on recruiting? Business Owner
Does your company have an EEO hiring polky? Yes Are you an EEO employer? Yes
Please list the number of full time and part time minority and/or female Please describe your commitment to
employees for the following years: diversity and inclusion by detailing your
outreach and recruitment efforts for the last
Year 2i -, 2022 20-21 three years as well as current policies.
Full Time Part Time Full Time Part Time Full Time Part Time
Black a ,:;,;r t and Asset Manageme r.
Hispanic does riot have direct employees and
employs third parties to manage our
Asian - properties,This will be case for this
project.We are strongly committed to
Indian developing a project that will be a point or
pride for the neighborhood and wilt
Female support job growth and the economic
livelihood of the area.
Other
I 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
companies which will provide materials purchased for this project.
Qualify
Please complete the table below with the appropriate information. If Earned Ppints 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%) 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 N 0 22
E. Require health Benefits N 0 22
F. Require Retirement Benefits N 0 18
G. Maintain Affirmative Action Plan N 0 20
I5ub-total Construction Related: 59 141
2 Wage&Benefit Related(Owner);
A. Pay Target Wage Levels Y 33 33
B. Provide Health Benefits N 0 34
C. 'Provide Retirement Benefits N 0 29
D. Provide Training Y 28 28
E. Provide Child Care N 0 15
F. Provide Transportation Assistance N 0 14
G. Provide Employer Assisted Housing program N 0 9
1
Sub-total Wage&Benefit Related: 61 162
3 Workforce Related_:
A. 1Create New Jobs Y 42 42
B. Retain Eisti;ig Jobs N � 0 41 _
C. Maintain Affirmative Action Plan Y 35 35
D. Provide Targeted hiring Preference Y 34 34
Sub-total Workforce Related: 111 1.52
4 Support a Municipal Facility:
Support a SB Municipal Facility(donations to the
A.
zoo,conservatory,museum,etc.i N �~ 84
Name of Facility
!Sub-total Municipal Facility: .,ef 84
Sub-total from Above: 2'1.3/..5 539
The undersigned owners;cf 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: I �v� \.)L5 -c- Date: o 6 i o 1 j..1
For Staff Use Only Below This Line
What Is the current assessed value? ;Real Property: c Y� 4/4 506 Personal Property:
What Is the projected assessed value? 'Real
Property: 5 . b/ /LVjow Personal Property:
What Is the tax key number for this project? 7 _ei Z
What is the six digit NAILS code? I tv,/A
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 flve years when applicable.
Year 07.5.
/4,, LO Z-Z, 2 2 e`'L'„ %L
Year Two J:)z. j ,/j-q . ,Y'/
Year ThreeL L' ,,2i s/. /.5'
Year Four /23
:G./1 3..3.0
Year Five Lir) /..? i . JL,
Please fill out the following Public Benefit Summary Information and add to total from above.
(V or NI Pointy Points
i Public Benefit Item:
Project Related:
5 A. Redevelop a Site that has Special Needs 'I tj° 49
B. Develop Based on Local University Research it — 35
C. Achieve a Physical Element of a Plan '1 3C,. 36
Sub-total Project Related: :)D 120
6 Sager Size Projects(point values ars cumulative): IJ
A. 100%to 199% 25
B. 200%to 299% 68
C. 300%to 399% 65
D. 1400%and Over 52
Sub-total Super Size Projects: — 210
7 0a_y for Munici al 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
I
D. Pay for 76-100%of Extension Cost 52
iSub-total Infrastructure Related: — 131
Total from Applicant Section: ...231"3/5 539
Total from Staff Section: 461------
LTota{Public Benefit Points: get) Filed in Cleak's Of f i,se
JUN 13 2013]
DAWN M.JONES
CITY CLERK,SOUTH BEND,IN f
Filed in Clerk's Office
""'r•a STATEMENT OF BENEFITS 2023 PAY 2024
-ist--� REAL ESTATE IMPROVEMENTS �U 3 202 -3��� 1' �t State Form 51767(R7/1-211 __ FORM SB-1/Real Property
`� %' Prescribed by the Department of Local Government Finance CITY CLUE KNSOUTH E ENU,IN
PRIVACY NOTICE
This statement is being completed for teal property that qualifies under the following n check one box ny information concerning the cost
l�Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4) pa d tproperty
ndvidual employeesand plate
Pby
❑Residentially distressed area(IC 6-1,1-12.1-4.1) property owner is confidential 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 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 January 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 oftaxpayefPEAK INVESTMENT & ASSET MANAGEMENT LLC
Address of taxpayer
Number and Street: 5199 Gardenia Ct City: West Lafayette s,,, IN Lip: 47906
Name of contact personTelephone number E-mail address
First Name: Praveen Last Name Gulati (765)412-0756 praveeng217@gmall.com
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of designating body Resolution number
Common Council of the City of South Bend
Location of property County DLGF taxing district number
Number and Street: 1405 Portage Ave ,,;,,..South Bend stme. IN LIP:46616 St. Joseph 026(South Bend-Portage)
Description of real property improvements,redevelopment.or rehabilitation Luse additional sheets if necessary) Estimated start date(month,day,year)
New Neighborhood Shopping Center totaling 10,300 sq ft 3/1/2024
Estimated completion date(month.day,year)
11/1/2024
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current Number 0 Salines$ iN::rbur PO.nred 0 S�lanas $ N �'
Lnlher Additional •al�,n ,:
e
0 15 $ 480,000
SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current values $37,000 $41,500
Plus estimated values of proposed project $1.400,000 $1,120,000
Less values of any property being replaced $37.000 $41,500
Net estimated values upon completion of project $1 4)0.0)0 $1,120,000
SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER
Estimated solid waste converted(pounds) 0 Estimated hazardous waste converted(pounds) 0
Other benefits
SECTION 6 TAXPAYER CERTIFICATION
I hereby certify that the representations in this statement are true.
Signature of authorized rer sentat aDate signed(month,day.year)
es-
b61oIIz3
Printed nam of authorized representative 1 Title O �h.(�1
rtZkV e tZ "\-11 "1'1'i b•�A 1_ _
Face 1 of 2
FOR USE OF THE DESIGNATING BODY
We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed
under IC 6-1.1-12.1,provides for the following limitations:
A. The designated area has been limited to a period of time not to exceed calendar years*(see below). The date this designation
expires is . NOTE:This question addresses whether the resolution contains an expiration date for the designated area.
B. The type of deduction that is allowed in the designated area is limited to:
1.Redevelopment or rehabilitation of real estate improvements ❑Yes ❑No
2.Residentially distressed areas ❑Yes 0 No
C. The amount of the deduction applicable is limited to$
D. Other limitations or conditions(specify)
E. Number of years allowed: 0 Year 1 0 Year 2 ❑Year 3 0 Year 4Year 5 see below)
❑Year 6 ❑Year 7 ❑Year 8 El Year 9 C[' ("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?
0 Yes El No
If yes,attach a copy of the abatement schedule to this form.
If no,the designating body is required to establish an abatement schedule before the deduction can be determined.
We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have
determined that the totality of benefits is sufficient to justify the deduction described above.
Approved(signature and Title of 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 and title of attester) Printed name of attester
If the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a
taxpayer is 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 Properly 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. Fora 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. Except as provided in IC 6-1.1-12.1-18,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. Except as provided in IC 6-1.1-12.1-18,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.
Filed in Clerk's Office Il
JUN 1 3 2020
DAWN M.JONES
CITY CLERK,SOUTH BEND,IN
Page 2of2
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