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HomeMy WebLinkAboutBill No. 23-42 Five Corners LLC Resolution Designating Tax Abatement: 1144 Corby Blvd, SB, IN 46617 I; ..,.:. : : _ ..-1 1%1/4. CITY OF SOUTH BEND I ; :-; In Clerk'sOffice COMMUNITY INVESTMENT JIL 0 5 2023 UAWN MONES July 5, 2023 'i ► Cl ERK,SOUTH.JBEND,[ _ J 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: Mixed-Use Development Real Property Tax Abatement Petition for Five Corners LLC Dear Council Member Tomas Morgan: Please find the enclosed information pertaining to a mixed-use development real property tax abatement petition submitted by Five Corners LLC, an Indiana Limited Liability Company. The petitioner plans to construct a new residential and retail development at the northeast corner of Eddy Street/State Route 23 and Campeau Street in South Bend. 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 will construct 108 residential apartments, four(4) for-sale condo units, and approximately 5,000 square feet of retail space. The total private investment for the project is $31.5 million. The project meets the requirements established by Sections 2-79 et seq. and would qualify for a ten-year(10) mixed-use development real property tax abatement. Representatives from Five Corners LLC will be available to meet with the Committee on Monday, July 10, 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 1400S County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov in Clerk's Office �. 0 5 2023 BILL NO. 23-42 DAWN M.JONES c RK,SOUTH BEND, IN RESOLUTION NO. 5039-23 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 1144 Corby Boulevard, South Bend, IN 46617 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN-YEAR (10) REAL PROPERTY TAX ABATEMENT FOR Five Corners 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: 71-09-06-301-014.000-026 Commonly Known As: 1144 Corby Boulevard Legal Description: Lot 319 Park P13rd 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 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 ten (10) 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% Year 6 - 50% Year 7 -40% Year 8 - 30% Year 9 - 20% Year 10 - 10% 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, Mayor City of South Bend Filed in Clerk's Office JUL 0 5 2023 DAWCITYCLERK,SOUTH BEND,IN TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Mixed-Use Development Real Property Tax Abatement Petition for Five Corners LLC DATE: July 5, 2023 On June 30, 2023, a petition for tax abatement from Five Corners LLC was filed with the Office of the City Clerk. The petition seeks consideration for a mixed-use development real property tax abatement for property at the northeast corner of Eddy Street/State Route 23 and Campeau Street 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 all zoning requirements have been met. The Department of Community Investment has reviewed the petition, investigated the area, and makes the following report. Project Summary • The petitioner, Five Corners LLC, has partnered with HP Irish Corners LLC (a Holladay Properties entity)to build a mixed-use project. The project is being developed by HP Irish Corners LLC on a ground lease structure with Five Corners LLC. • The project will consist of 108 residential apartments, four(4)for-sale condominiums, and 5,000 square feet of retail space. Private investment into this project is approximately $31.5 million. • The project will greatly contribute to the walkable urban community south of Notre Dame's campus. Employment Impact • By the end of 2024, the petitioner anticipates to create five (5) full-time jobs with an estimated annual payroll of$348,600. • By the end of 2025, the petitioner anticipates to create nine (9)total full-time jobs with an estimated annual payroll of$602,200. This includes the jobs created in 2024. Tax Estimates The petitioner qualifies for a ten-year(10) mixed-use development real property tax abatement. • Current estimated annual taxes: $12,800 • Estimated annual taxes after the project's completion: $486,300 • Total estimated taxes during the ten-year(10) abatement period: $4,862,900 o Estimated taxes being abated during the abatement period: $1,526,100 o Estimated total taxes to be paid during the abatement period: $3,336,800 Abatement Qualification 1. A review of the tax abatements previously granted finds that the petitioner has been granted the following previous abatement. • Resolution No. 4811-19: Seven-year(7) real property tax abatement for property at the northeast corner of Eddy Street/State Route 23 and Corby Boulevard. 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 East Development Area. 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications for a ten-year(10) mixed use development real property tax abatement under Division 5 (Mixed Use Development Real Property Tax Abatement). 2 10-Year Abatement July 5,2023 Five Corners LLC South Bend Portage Township Residential Real Property Tax Abatement Schedule• Type of Dwelling: Multi-Family Residence -108 units- Estimated Project Cost: $23,000,000 New Construction Property Address: 1144 Corby Boulevard Tax Key Number: 71-09-06-301-014.000-026 Without Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Assessed Value(AV) Land $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 Structure(AV=80%Project Cost) 216,200 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 Gross Assessed Value 366,873 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 Abatement 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Abatement Deduction - (18,183,800) (16,365,420) (14,547,040) (12,728,660) (10,910,280) (9,091,900) (7,273,520) (5,455,140) (3,636,760) (1,818,380) Net Assessed Value 366,873 18,550,673 366,873 2,185,253 4,003,633 5,822,013 7,640,393 9,458,773 11,277,153 13,095,533 14,913,913 16,732,293 Property Taxes Assume constant tax rate of 5.2897% • Gross Tax(Tax Rate x Net AV) 19,407 981,275 19,407 115,593 211,780 307,967 404,154 500,341 596,528 692,714 788,901 885,088 Local Tax Credit(8.7112%of GT-DS) (1,563) (79,022) (1,563) (9,309) (17,055) (24,800) (32,546) (40,292) (48,038) (55,784) (63,530) (71,276) Circuit Breaker Credit (5,371) (457,093) - - - - - (51,228) (132,401) (213,574) (294,747) (375,920) Taxes Due $ 12,473 $ 445,161 $ 17,844 $ 106,285 $ 194,726 $ 283,167 $ 371,608 $ 408,820 $ 416,088 $ 423,356 $ 430,624 $ 437,892 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% Circuit Breaker Cap 11,006 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013 Debt Service(0.3997%of Net AV) 1,466 74,147 1,466 8,734 16,003 23,271 30,539 37,807 45,075 52,343 59,611 66,879 Max Tax Under the Cap 12.473 445161 372,480 379,748 387,016 394.284 401,552 408,820 416,088 423,356 430,624 437,892 Combined Year Abatement Current Taxes New Current& Taxes Abated Net Taxes Due Projected Tax Paid New Taxes 1 100% $ 12,473 $ 432,688 $ 445,161 $ (427,317) $ 17,844 2 90% 12,473 432,688 445,161 (338,876) 106,285 3 80% 12,473 432,688 445,161 (250,435) 194,726 4 70% 12,473 432,688 445,161 (161,994) 283,167 5 60% 12,473 432,688 445,161 (73,553) 371,608 6 50% 12,473 432,688 445,161 (36,340) 408,820 7 40% 12,473 432,688 445,161 (29,072) 416,088 8 30% 12,473 432,688 445,161 (21,804) 423,356 9 20% 12,473 432,688 445,161 (14,536) 430,624 10 10% 12,473 432,688 445,161 (7,268) 437,892 Total: 124,726 4,326,879 4,451,605 (1,361,195) 3,090,410 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023 mar Department of Community Investment The true tax values will ultimately be determined by the actual assessed valuation and the then-current tax rates. •,71- City of South Bend 10-Year Abatement July 5,2023 Five Corners LLC South Bend Portage Township Commerical Development Real Property Tax Abatement Schedule* Type of Property: Retail Establishment Estimated Project Cost: $ 1,500,000 New Construction Property Address: 1144 Corby Boulevard Tax Key Number: 71-09-06-301-014.000-026 Without Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Assessed Value(AV) Land $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 Structure(AV=80%Project Cost) - 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 Gross Assessed Value 9,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1209,827 Abatement 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Abatement Deduction - (1,200,000) (1,080,000) (960,000) (840,000) (720,000) (600,000) (480,000) (360,000) (240,000) (120,000) Net Assessed Value 9,827 1,209,827 9,827 129,827 249,827 369,827 489,827 609,827 729,827 849,827 969,827 1,089,827 Property Taxes Assume constant tax rate of 5.2897% Gross Tax(Tax Rate x Net AV) 520 63,996 520 6,867 13,215 19,563 25,910 32,258 38,606 44,953 51,301 57,649 Local Tax Credit(8.7112%of GT-DS) (42) (5,154) (42) (553) (1,064) (1,575) (2,087) (2,598) (3,109) (3,620) (4,131) (4,642) Circuit Breaker Credit (144) (17,712) - - - - - - - (1,642) (6,998) (12,355) Taxes Due $ 334 $ 41,130 $ 478 $ 6,314 $ 12,151 $ 17,987 $ 23,824 $ 29,660 $ 35,497 $ 39,692 $ 40,171 $ 40,651 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% Circuit Breaker Cap 295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 Debt Service(0.3997%of Net AV) 39 4,836 39 519 999 1,478 1,958 2,437 2,917 3,397 3,876 4,356 Max Tax Under the Cap 334 41,130 36,334 36,614 37,293 37,773 38,253 38,732 39,212 39,692 40,171 40,651 Combined Year Abatement Current Taxes New Net Taxes Current& Taxes Abated Due Projected Tax Paid New Taxes 1 100% $ 334 $ 40,796 $ 41,130 $ (40,653) $ 478 2 90% 334 40,796 41,130 (34,816) 6,314 3 80% 334 40,796 41,130 (28,980) 12,151 4 70% 334 40,796 41,130 (23,143) 17,987 5 60% 334 40,796 41,130 (17,307) 23,824 6 50% 334 40,796 41,130 (11,470) 29,660 7 40% 334 40,796 41,130 (5,634) 35,497 8 30% 334 40,796 41,130 (1,439) 39,692 9 20% 334 40,796 41,130 (959) 40,171 10 10% 334 40,796 41,130 (480) 40,651 Total: 3,341 407,964 411,305 (164,880) 246,425 •This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. " 4f � 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 instructions:Complete pages 1-3 _-viii,;.: AND the proper Form SB-1 for Petition for Incentives the type of abatement(real7.4 property or personal property) i1L .Petition must include a$250 filing fee payable to the U4'Clerk's Office for which you are applying. , before ,/- processing can be complete 1�'�rk\\` General Information Project Name 5-Corners Project Number \\ ��`. S Legal naof me artD'steredwith Five Corners LLC / e' r./(fy ` O Ce Business structure Limited Liability Company C/I} J L �' Company CLQ " Q? r / website C- i+y !` www.liveinsouthbend.com R ti%..i r / `k�,cf ,� Proposed Project Information Proposed project address Parent company name C 1144 Corby Blvd Five Corners LLC /`/CrN 1 Oty,State'Zip South Bend, IN 46617 °caner Five Corners LLC /` Sita acreage or acreage required 2 8 b the real•estate owned Leased or leased? Square feet of fadlity 172,955 Nleased, by whom? HP Irish Corners LLC Primary Contact Information Primary company contact name Anne Hayes Title Member Address ofcompany contact 814 Marietta Street PItme 574-210-5167 Citv,Stite,.zfp South Bend,IN 46601 Email ahayes©telecompark.com Senior Official Information Company senior official name N/A nue Address of company contact (ifdifferenttrom shove) Phone City.State,Zip Email Consultant Information/Agent Mired business consuhamlagent name N/A Consultant release?(v/N) Address tonal economic development partners approval?(Y/N) City.State,IIp Email Project Overview Brief description of your company,proiec w'd why the We are proposing the development of a mixed-use project at the propertyulsnecessary for intersection of State Route 23 and Corby Boulevard growth 1144 Corby Blvd. The project will be known as 5-Corners and feature 108 residential apartment units (+/- 152,026 SF), four for-sale condo units (+/- 9,200 SF), and +1- 5,000 square feet of retail.The project is being developed by HP Irish Corners LLC (a Holladay Properties entity)on a ground lease structure with Five Corners, LLC. This will continue to develop the neighborhood south of Notre Dame's campus and help foster a walkable, urban community with various housing and commercial options. Total project investment is anticipated to be approximately$31.5 million. CertifiedTedsnology Park appropriate N/A I the project in a Tax Incremental Financing RIF)area?if so,much? River East Nave Building Permits been issued?(YIN) Number of residential units created by [Note-Not eligible for abatement if Yes) N project 108 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 prefect lo dollars) received? Indiana for the project? purchased from out of state for the project? None No N/A N/A New Project Investments 'Calendar Year 2022 2023 2024 2025 2026 2027 2028 2029 'Land Acquisidoo i Building Lease Payments 5 '57 000 00 5'57 000 00 5 157.000 00 5 157.000 00 S 157 00C 00 5 157.000 00 S 5•7.000 00 r Building Purchase Costs 1 / '.- New Building Construction {` JcoS5c0000 00 h !Existing Building Improvements l / ''r Nev.Machinery S Equipment I ! r' % /�,,, •fr Special Tooling/Retooling -- I _ ( /n. � / /���t `•N.6' Sr`;› New Furniture/Fixtures ,-/e4 n V/C S 500,000 00 " ,-11:j—r%'fdi %1 6 New Computer/IT Hardware s 250 300 00 \C.<4.:',„'471, 7" / �' . 1 ' '•- New Software 15 50,000 00 I '•NS'OJ j / s 1 ro r / On-site Bail infrastructure ` y�,(i�,, On-site Fiber Mb mcructure ,1 TOTAL $0.00 S i 1.157,000 00 5 1E457.000 00 $157,000.00 $157,000.00 S 157,000.00 :S 757,000,00 S 1'57,000,00 N\/✓ % Full-Time Permanent Indiana-Resident Positions by Calendar Year rli Ty4=r vesr I lobs•eta reli I Nngiy I fnnrglgtiw d ni ngt NrW hull tlmo I tlnnrhy aver-aoe tuaer,win I Total traininv I Taitaf#to be average permanent jobs created atproiect benefits or bonuses,of expenditure- trained-not wage,wio benefits or ahmulative net new jobs riot cumulative bonuses cumulative 2023 0 $0 00 2024 - - . . . - c $34 86 $15,000 3 20259 S 31 70 12026 12027 • —•_......_.. _ 2070 ... ... ..... _________,-«._.• 2029 711101 2031 2032 2033 2034 Provide hourly wage information for new employees in the following positions. null time Part time laborers $ 15 00 :i 13 O0 Technical j 27 00 Managerial S 33 00 Administrative 1 n on Who will be the Individual resporssibie for coordinating with WorkOneonrecruiting? I Jackie Green-SVP Property Management-Holladay Properties Does your company have an EEO hiring policy? Y Are you an EEO employer? Y Please list the chamber 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 Year outreach and recruitment efforts for the last 2323 2022 2021 three years is well as curtertt polices. IIIIIIIIIIIIIIIIK hull lime Part Time Full Time Part Time Full Time PartTime Rude This will be a new operation Hispanic and Holladay Properties has Asian reached out to the Office of Diversity,Compliance and Indian ! ! Inclusion in an effort to identify Female a more diverse employee and Other subcontractor candidates pool. /N /;? �f ; Complete below for Real or Personal Property Tax Abatement onlyh ' -` SQ •Please sign for all requested incentives. ter; , / `L / .?! Public Benefit Item: ..'0- ', Information is required on both the construction companies and the .. companies which will provide materials purchased for this project. Qualify y Please complete the table below with the appropriate information. If Earned Points Available Points •/1/ (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 I C. 'Require Employees vs.Independent Contractors Y 19 19 D. Require Prevailing Wage N 22 E Require Health Benefits Y 22 22 F. Require Retirement Benefits N 18 G. ,Maintain Affirmative ActionPlan Y 20 20 Sub-total Construction Related: 101 141 2 Wage&Benefit Related(Owner); A. Pay Target Wage Levels Y 33 33 B. Provide Health Benefits Y 34 34 C. Provide Retirement Benefits Y 29 29 D. Provide Training Y 28 28 E. 'Provide Child Care N 15 F Provide Transportation Assistance N 14 G (Provide Employer Assisted Housing program N 9 Sub-total Wage&Benefit Related: 124 162 3 Workforce Related- A. Create New Jobs Y 42 42 B. Retain Existing Jobs N/A 41 r C. Maintain Affirmative Action Plan N 35 D. Provide Targeted Hinng Preference N 34 Sub-total Workforce Related: 42 152 4 Supporta Municipal Facility: Support a SB Municipal Facility(donations to the A. zoo,conservatory,museum,etc.) Y 84 84 Name of Facility Zoo&VPA I Sub-total Municipal Facility: 74 84 Sub-total from Above: 351 539 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: i ,✓,irvkp j}i-yaa Date: 06/30/2023 / ` �rJl, For Staff Use Only Below This Line \--.), ` r 9;f• ,'� Land. IMO15 'O `••`\Pse'% &) What is the current assessed value? Real Property: e . -t!/12,00 Personal Property... `,94../1/„„; () \`F; What Is the projected assessed value? Real Property: DOd .4,644 two Personal Property: *\�sO `e."- What is the tar key numbrfor thisproject? 7/-09 -04 .-?o/-O/'/.oco --D 2(v '-��i�r�(\`:,' `/� o(r J What Is the sixdlgltNAKSScode? \`<s / X) 4 Please attach a Google map end street view Of ttie location. ' Please lit the amount of real and personal property taxes Reel Property Taxes: Personal Property Taxes: paid for the last five years when applicable. Year One7 ty yrZOZZ I 91.2. /6 Year Two 2.0 Li 4,6 /5.O( (! Year Three 202-0 5 -I/-V02- Year Four to/pf 3.36.2_5' Year five joi . 3977 , 3 7 Please fill out the following Public Beneft Summary Information and add to total from above. tff or N T Points Points Public Benefit Item: Project Related: 5 A, Redevelop a Site that has Special Needs / y I 19 B. Develop Based.on Local University Research /l] -^ 35 C. Achieve a Physical Element of a Plan Y 36 36 t l Sub-total Project Related: pS 120 6 Super Size Protects Iooint values are cumulative): A. 100%to 199% y 25 25 B. 200%to 299% y (Dor 68 C. 300%to 399% ‘r,j 65 D. 1400%and Over Y 5 Z 52 Sub-total Super Size Projects: (7/0 210 7 Pay for Municipal Infrastructure: A_ (Pay for Oversizing or Upgrading II 14 B. Pay for 26-50%of Extension Cost IV l26 C. Pay for 51-75%of Extension Cost if 39 0. Pay for 76=1'00%of Extension Cort �' 52 6 Sub-total Infrastructure Relate* 131 Total from Applicant Section: 351 539 Total from Staff Section: 245 461 Total Public Benefit Points: 6 / Co 1000 --% STATEMENT OF BENEFITS n �ierk's o rf t 2023 PAY 2024 REAL ESTATE IMPROVEMENTS --C? I �` State Form 3 i 7;- a • ' 1-21 / FORM SB-1 1 Real Property Prescribed by the Deoaitment of Local Government FinanceL_______Filed JtiN O �? ,l/71 PRIVACY NOTICE I his statement is oeing cornoleted for real property that qualifies under the fodi (�ic_ecx one 0011/ A,ny nformation conc ruing the costj Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12C -"t4.JO.••� Iof the pop>_ry and snecifc salariesResidentially distressed area(IC 61.t-12,1 4.1) fl s S paid to individual employees oy the KoUTH'B property owner is confidential per INSTRUCTIONS �'N IC 5-1 +-12.+-5 1 I This statement must be submitted to the body designating the Economic Revitalization Area prior to the public n 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 PE must be filed with rhe county auditor before May 10 in the year in which the addition to assessed valuation is made or not later than thirty(30i days after the assessment notice is mailed to the property owner rf it was mailed after April 10 4 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-1,14eal Property The Form CR-1/Real Property should be attached to the Form 322./RE when the deduction is first claimed end then updated annually for each year the deduction is applicable IC 5-1 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 S8-1/Real Property that is approved prior to July 1. 2013. the abatement schedule approved by the designating body remains in effect lC 5-1 1-12.1-17 SECTION 1 TAXPAYER INFORMATION Name of taxpayei i Fve Corners LLC Address of taxpayer Nir„t,i taxpayer 814 Marietta Street South Bend IN ZIP, 46601 Name of contact person Telephone number E-mailp address • FirstN.inm.Anne L......firs" Hayes (574) 210-5167 ahayes@teicompark.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Common Council of the City of South Bend vocation of property County DLGF taxing district number Numnci mil;,rrr 1 144 Corby Boulevard South Bend .t rL IN Z11 46617 St. Joseph 026(South Bend-Portage) Description of real property improvements redevelopment,or rehabilitation(use additional sheets it necessary) Estimated start date(month.day.year) Redevelopment of vacant land into two buildings featuring 108 rental 9/13/2023 Estimated completion date fmoeth,day year, apartment units and retail space 8/31/2025 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT i Current NumberSalaries Salaries NumberAn7. '"3i Salaries 0 $ 0 0 $ 0 9 S 570.600 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS 1 COST ASSESSED VALUE Current values s o S 216,200 i Plus estimated values of proposed project $25.500,000 $19.600,000 Less values of any property being replaced _ _ S o S 2'6.200 Net estimated values upon completion of project 3 24,500.000 $19.600,000 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) _;timated hazardous waste eorverteu ;po.a;asi Other benefits The project is being developed to meet the National Green Building Standard for sustainability and energy efficiency. SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true Signature of authorized representative1 , +1.-11 loofa signed(month,day year)j1-, moo' , 6/30/2023 I Printed name of authorized reoresentative - ( Anne'Hayes Member 'age 1 of 2 FOR USE OF THE DESIONATMO DODY We find that the applicant;meets the general standards in the resolution adopted or to ne adopted by this oody. Said resolution.passed or to be passed under IC 5-1 I-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 ielowt The date this designation expires is NOTE This question addresses whether the resolunon contains an exprraton dare 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 El No ( 2.Residentially distressed areas ❑Yes ❑No C The amount of the deduction applicable is limited to S El Oilier limitations or conditions ,. o .:N'yi V E. Number of years allowed ❑Year 1 ❑Year 2 0 Year 3 ❑Year 4 ❑ Year 5 (`see below) ❑Year 6 ❑Year 7 CjYear ❑Year ❑ Year 10 F For a statement of benefits approved after June 30,2013.did this designating oody adopt an abatement schedule per iC o-i 1-12 I-17: ❑Yes Li 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 ride of authorized member of designating body) Telephone number !Date signed(month.day year) ( ) i Printed name of 3uthorizad memoer of designating body Nam.of,.exignetinp hndy Attested by(signature and title of attester) Printed name of attester 'If the designatm0 hndy limits the lime 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 m 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 Except as provided in IC 6-1 1-12.1-13,the deduction period may not exceed ten(10)years. (See IC 5-1.1-12 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 6-1.1-121-17 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 5-1 1-12.1-18,an abatement schedule may not exceed ten(t0)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. , • l l 1%6,-41 I n Clerk sotiyN O,�N Page 2 of 2 Aerial and Street Views „ - 1 1 ' f T- ''''• „...,.., 1 1-.1 t . .• • R• , ... ..•,.4- ...k.,:n4t)- - 1 __. .,„ , .,_ • _. . . , . , . ., . ., . fo , . • , ...,, , • . *:' to 4/6 •#,11.4k /OP,.. tif ' iii.N.*:;-‘,.., 1 I Iiii: •• • .i,4 15 / ''' .:'"$' .:‘ '';''' ' • , 4 ••. • .t. j al. It.e, t I W - • f4'*_ ' ' 4:-t,, •. '''t N, N . ' . is • -.. .-„ • ..4"1, "; ' • •* 6/ •,, # t t :44 i V . t— 11.121 11 .... , . I •, . \ • '• •j , 4 ,...• ,...... . . ... • . • , f. t • . P •L ' . . ; .. • IF. 1 .. imuftwitiax .44i. II . er er rip - l'or. • .-.......... ...- ... . "-, ....• . '. • - 1-- -------i7r ... 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'f fat ", -7". ,,' 46*. a - ♦R4:�-' N•r4y '% ''.4%. poke,,•_`� •+` +� L°:;,� ss ... 1 - . • �`r IA • A. i i R .M! t il,'(�'I p i;`,� I� f 1 41 1!' -'I Y 14/1� IA Y!i^ i \ .. .r •••••r"4:•..1,,, s�. .. t ■ • . 1 r •.• •�•• � °$ ._'A • ' j P c.. lot _ , . _ • ,, , ,� er s )ffIC@ JUL 0 5 2023 DAWN—a.—JONES CITY CLERK,SOUTH BEND,IN