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HomeMy WebLinkAbout25-01 Designating Resolution - Real Property Tax Abatement for 225 and 229 South Michigan Street 7,---- -i-- t CITY OF SOUTH BEND s L . cE 4COMMUNITY INVESTMENT January 7, 2024 Filed in Clerk's Office Council Member Troy Warner 8Chairperson, Community Investment Committee IA.N 0 ^ South Bend Common Council Bianca Tirado County-City Building, 4th Floor City Clerk, South Bend, IN South Bend, Indiana 46601 RE: Declaratory Resolution: Mixed-Use Development Real Property Tax Abatement for RSPG Global Consulting LLC Dear Council Member Warner, Please find the enclosed Declaratory Resolution and supporting information pertaining to a tax abatement petition submitted by RSPG Global Consulting LLC, an Indiana Domestic Liability Company. This petition package includes: • Department of Community Investment's summary report • Petition for abatement • Statement of Benefits forms (SB-1 / Real Property) • Supporting information The report contains the Department's findings relative to the above-mentioned petition. The petitioner intends to redevelop the property at 225, 227 & 229 S. Michigan to reactivate the vacant building known as Center City Place. This includes restoring the historic facade, completing extensive repairs and renovations, and filling the building with active businesses. Creating new functioning spaces downtown will help to drive interest in developing other unused buildings in the immediate vicinity as well as bring more traffic to the small businesses currently operating in the area. The total investment for this project is $5,825,000. The project meets the qualifications for an eight-year(8) mixed-use development real property tax abatement. A representative from RSPG Global Consulting LLC, will be available to meet with the Committee on Monday, January 13, 2025. If you or other Council members have questions about the report or need additional information, please feel free to call me at (574) 235-5838. Sincerely, Joseph Molnar Assistant Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 14005 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov Filed in Clerk's Office !AN 08 BILL NO. 25-01 Bianca Tirado RESOLUTION NO. City Clerk,South 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 225 S. Michigan, South Bend, Indiana 46601 AND 229 S. Michigan, South Bend, Indiana 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A EIGHT-YEAR (8) REAL PROPERTY TAX ABATEMENT FOR RSPG Global Consulting 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: 71-08-12-157-010.000-026 Local Parcel Number: 018-3007-0248 Commonly Known As: 229 S. Michigan Street Legal Description: 24'S SIDE LOT 287 O P SO BEND Key Number: 71-08-12-157-009.000-026 Local Parcel Number: 018-3007-0247 Commonly Known As: 225 S. Michigan Street Legal Description: 42'North Side Except 5 3/8 North Side Lot 287 Op South Bend 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, the petitioner has agreed to and has accepted responsibility to report any changes in the Key Numbers and legal descriptions 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, 2027. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for 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. Year 1 - 100% Year 2 - 95% Year 3 - 95% Year 4 - 90% Years - 80% Year 6 - 80% Year 7—60% Year 8-50% 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. Canneth Lee, Council President South Bend Common Council Attest: Bianca Tirado, 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 , 2025, at o'clock .m. Bianca Tirado, City Clerk Office of the City Clerk Approved and signed by me on the day of ,2025,at o'clock .m. James Mueller, Mayor City of South Bend Filed in Clerk's Office TAX ABATEMENT REPORT - Bianca Tirado TO: South Bend Common Council City Clerk, South Bend, IN FROM: Joseph Molnar, Assistant Director, Growth and Opportunity SUBJECT: Mixed-Use Development Real Property Tax Abatement Petition for RSPG Global Consulting LLC DATE: January 8, 2025 On January 8, 2025, a petition for tax abatement from RSPG Global Consulting 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 225, 227, & 229 S. Michigan Street commonly known as the City Center Building 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, RSPG Global Consulting LLC, proposes to renovate the Center City Building into a mixed-use project. The project seeks to reactivate the building known as Center City Place. This includes restoring the historic facade, completing extensive repairs and renovations, and filling the building with active businesses • The project will consist of renovating the full 38,000 sq. feet building into a mixed use development. Private investment into this project is approximately $5,825,000. • The project will greatly contribute to the vitality of south downtown South Bend and increase foot traffic for the entire area. Employment Impact Per this petition and supporting material, it is estimated that the company will create: • Upon completion of the current building's rehabilitation and conversion, at least eleven (11) new full-time jobs with an estimated total annual payroll of$800,800. Tax Estimates The petitioner qualifies for an eight-year (8) mixed-use development real property tax abatement. • Current estimated combined annual real property taxes: $8,436 • Estimated combined annual taxes after the project's completion: $116,742 • Total estimated combined taxes during the eight-year(8) abatement period: $933,795 o Estimated taxes being abated during the abatement period: $611,740 o Estimated total taxes to be paid during the abatement period: $322,055 Abatement Qualification 1. A review of the tax abatements previously granted finds that the petitioner has not been granted a prior 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 an eight-year (8) mixed-use development real property tax abatement under Division 5 (Mixed Use Development Real Property Tax Abatement), Section 2-80 (Mixed Use Developments in Central Business District). 2 8-Year Abatement January 3,2025 RSPG Global Consulting LLC South Bend Portage Township Commerical Development Real Property Tax Abatement Schedule Type of Property: Mixed Use Estimated Project Cost: $ 4,000,000 Rehabilitation Property Address: 225,227,229 S.Michigan Tax Key Number: 71-08-12-157-009.000-026/71-08-12-157-010.000-026 Without Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Assessed Value(AV) Land $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 $ 38,600 Structure(AV=80%Project Cost) 210,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 3,410,700 Gross Assessed Value 249,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 3,449,300 Abatement 100% 95% 95% 90% 80% 80% 60% 50% Abatement Deduction - (3,200,000) (3,040,000) (3,040,000) (2,880,000) (2,560,000) (2,560,000) (1,920,000) (1,600,000) Net Assessed Value 249,300 3,449,300 249,300 409,300 409,300 569,300 889,300 889,300 1,529,300 1,849,300 Property Taxes Assume constant tax rate of 5.3548% Gross Tax(Tax Rate x Net AV) 13,350 184,703 13,350 21,917 21,917 30,485 47,620 47.620 81,891 99,026 Local Tax Credit(12.3682%of GT-DS) (1,533) (21,206) (1,533) (2,516) (2,516) (3,500) (5,467) (5.467) (9,402) (11,369) Circuit Breaker Credit (3,381) (46,773) - - - - - - - - Taxes Due $ 8,436 $ 116,724 $ 11,817 $ 19,401 $ 19,401 $ 26,985 $ 42,153 $ 42,153 $ 72,489 $ 87,657 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% Circuit Breaker Cap 7,479 103,479 103,479 103,479 103,479 103,479 103,479 103,479 103,479 103,479 Debt Service(0.3840%of Net AV) 957 13,245 957 1,572 1,572 2,186 3,415 3,415 5,873 7,101 Max Tax Under the Cap 8.436 116,724 104,436 105,051 105,051 105,665 106,894 106,894 109,352 110,580 Combined Year Abatement Current Taxes New Net Taxes Current& Taxes Abated Due Projected Tax Paid New Taxes 1 100% $ 8,436 $ 108,288 $ 116,724 $ (104,907) $ 11,817 -- 2 95% 8,436 108,288 116,724 (97,323) 19,401 3 95% 8,436 108,288 116,724 (97,323) 19,401 4 90% _ 8,436 108,288 116,724 (89,739) 26,985 _ 5 80% 8,436 108,288 116,724 (74,571) 42,153 6 80% 8,436 108,288 116,724_ _ (74,571) 42,153 7 60% 8,436 108,288 116,724 (44,235) 72,489 8 50% 8,436 108,288 116,724 (29,067) 87,657 Total: 67,490 866,304 933,794 (611,740) 322,055 ny 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. ,° 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 AND the proper Form SB-1 for Petition for Incentives the type ofabatement(real Incentives property or personal property) Petition must include a$250 filing fee payable to the for which you are applying. "City of South Bend"before processing can be complete General Information Project Name Project Number Legal name as registered with Secretaryof State RSPG Global Consulting LLC Business structure Domestic Limited Liability Company Company website n/a Proposed Project Information Proposed project address 225,227,229 S. Michigan Street Parent company name RSPG Global Consulting LLC City,State,Zip South Bend, IN 46601 Legal owner RSPG Global Consulting LLC Site acreage or acreage required 0.24 Is the real estate owned Owned or leased? Square feet of facility 38,000 If leased,by whom? n/a Primary Contact Information Primary company contact name Title Christina Miller Address of company contact 1311 Sunnymede Avenue Phone (847)890-5629 City,State,Zip South Bend, IN 46615 Email christina@daintymaid.co Senior Official Information Company senior official name n/a Title Address of company contact Phone (if different from above) City,State,Zip Email Consultant Information/Agent Hired business consultant/agent name n/a Consultant release?(Y/N) Address Local economic development partners approval?(Y/N) City,State,Zip Email Project Overview Brief description of your company,project,and why the Our project seeks to reactivate the building known as Center City Place. property is necessary for This includes restoring the historic facade, doing extensive repairs and economic growth renovations and filling the building with active businesses (we already have 6+ interested businesses: some new, some relocating into South Bend). Our block has been largely vacant for many years, and we feel that creating an active space will help drive interest in developing other unused buildings in our immediate vicinity as well as bringing more traffic to the small businesses currently operating. Certified Technology Park appropriate n/a Is the project in a Tax Incremental Financing (TIF)area? If so,which? River West Development Area Have Building Permits been issued?(Y/N) Number of residential units created by [Note-Not eligible for abatement if Yes] No project 4-8 rentals If this is a petition for personal property tax abatement,has the equipment been installed? No 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? n/a no n/a n/a New Project Investments Calendar Year 2023 2024 2025 2026 2027 2028 2029 2030 Land Acquisition Building Lease Payments $85,000.00 Building Purchase Costs $15,000.00 $50,000.00 New Building Construction Existing Building Improvements $4,000,000.00 New Machinery&Equipment $1,000,000.00 Special Tooling/Retooling New Furniture/Fixtures $650,000.00 New Computer/IT Hardware $15,000.00 New Software I $5,000.00 On-site Rail Infrastructure On-site Fiber Infrastructure $20,000 00 TOTAL $0.00 $15,000.00 $6,170,000.00 $655,000.00 $0.00 $0.00 $0.00 I $0.00 Full-Time Permanent Indiana-Resident Positions by Calendar Year Calendar Year Jobs retained Hourly Cumulative#of net NEW full time Hourly average wage,w/o Total training Total#to be average permanent jobs created at project benefits or bonuses,of expenditure- trained-not wage,w/o benefits or cumulative net new jobs not cumulative bonuses cumulative 2024 1 $50.00 2025 1 $50.00 2026 11 $35.00 2027 2028 2029 2030 2031 2032 2033 2034 2035 Provide hourly wage information for new employees in the following positions. Fuil time Part time Laborers $20.00 $20 00 Technical Managerial $35.00 S 35.00 Administrative $50.00 Who will be the individual responsible for coordinating with WorkOne on recruiting? n/a Does your company have an EEO hiring policy?, n/a Are you an EEO employer? n/a Please list the number off 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 2024 2023 2022 three years as well as current policies. Full Time Part Time Full Time Part Time Full Time Part Time Black Hispanic Asian Indian Female 1 Other Complete the table below for Real Property Tax Abatement only. *** Sign at the bottom for all requested incentives(real AND personal property). **" Public Benefit Item: Information is required on both the construction companies and the I 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 d 20 20 C. Require Employees vs.Independent Contractors Y 1 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 Sub-total Construction Related: 59 141 2 Wage&Benefit Related(Owner): A. Pay Target Wage Levels Y 33 33 B. Provide Health Benefits Y 34 34 C. Provide Retirement Benefits 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 Sub-total Wage&Benefit Related: 95 162 3 Workforce Related: A. Create New Jobs Y 42 42 B. Retain Existing Jobs Y 41 41 C. Maintain Affirmative Action Plan Y 35 35 D. Provide Targeted Hiring Preference N 34 Sub-total Workforce Related: 118 152 4 Support a Municipal Facility: Support a SB Municipal Facility(donations to the A zoo,conservatory,museum,etc.) N 0 84 Name of Facility 'Sub-total Municipal Facility: a 84 Sub-total from Above: 272 539 •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 Soutb,Bend Municipal Code Sec.2-76 et seq.,for this petition state the above. Submitted By: /1 /(it,G-._k7?112,. Date: 1/7/25 I For Staff Use Only Below This Line What is the current assessed value? Real Property: 249,300 Personal Property: What is the projected assessed value? Real Property: 3,449,300 Personal Property: What is the tax key number(s)for this project? 71-08-12-157-009.000-026/71-08-12-157-010.000-026 What is the six digit NAICS code? 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. Tax Year 2023/Pay 2024 12,699.86 Tax Year 2022/Pay 2023 8,353.06 Tax Year 2021/Pay 2022 7,739.08 Tax Year 2020/Pay 2021 15,753.72 Tax Year 2019/Pay 2020 1 1,815.51 Please fill out the following Public Benefit Summary Information and add to total from above. (Y or N) Points Points Public Benefit Item: Project Related: 5 A. Redevelop a Site that has Special Needs Y 49 B. Develop Based on Local University Research N 35 C. Achieve a Physical Element of a Plan Y 36 Sub-total Project Related: 120 6 Super Size Projects(point values are cumulative): A. 100%to 199% Y 25 B. 200%to 299% Y 68 C. 300%to 399% Y 65 D. 400%and Over Y 52 Sub-total Super Size Projects: 210 7 Pay for Municipal Infrastructure: A. Pay for Oversizing or Upgrading N 14 B. Pay for 26-50%of Extension Cost N 26 C. Pay for 51-75%of Extersion Cost N 39 D. Pay for 76-100%of Extension Cost N 52 Sub-total Infrastructure Related: 131 Total from Applicant Section: 272 539 Total from Staff Section: 295 461 Total Public Benefit Points: 567 1000 "'T•.9. STATEMENT OF BENEFITS 2024 PAY 2025 `. REAL ESTATE IMPROVEMENTS �i, i State Form 51767(R7/1-21) FORM SB-1/Real Property :'"`� Prescribed by the Department of Local Government Finance PRIVACY NOTICE This statement is being completed for real property that qualifies under the following Indiana Code(check one box): Any information concerning the cost l V Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4) p tproperty i div dual em and ployees oyees by ecific salaries paidPI Y ❑ 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 of taxpayer RSPG Global Consulting LLC Address of taxpayer Number and Street: 54739 Windingbrook Dr City, Mishawaka State: IN ZIP: 46545 Name of contact person Telephone number E-mail address First Name_ Christina Last Name- Miller christina@daintymaid.co 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 Number and Street City State ZIP County DLGF taxing district number 225 &229 S. Michigan Stree South Bend IN 46601 St. Joseph 026(South Bend-Portage) Description of real property improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year) Project seeks to reactivate the building known as Center City Place. This includes 3/1/2025 restoring the historic facade, doing extensive repairs and renovations and filling the Estimated completion date(month,day,year) building with active businesses. 12/31/2027 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Additional Salaries 11 800800 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values 0 210700 Plus estimated values of proposed project 4000000 3200000 Less values of any property being replaced 0 0 Net estimated values upon completion of project 4000000 3410700 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits The 200 S. Michigan Street block has been largely vacant for many years, and we feel that creating an active space will help drive interest in developing other unused buildings in our immediate vicinity as well as bringing more traffic to the small businesses currently operating. SECTION 6 TAXPAYER CERTIFICATION I hereby ce ify that the representations in this statement are true. Signature of t ' ed repr[ls ntative Date signed(month,day,year) /64 _ 1/7/25 2174 Printed na of authorized representative Title Christina R. Miller Representative Page 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 N/A calendar years*(see below). The date this designation expires is 12/31/2027 . 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 0 No 2.Residentially distressed areas ❑Yes ❑No C. The amount of the deduction applicable is limited to$ N/A D. Other limitations or conditions(specify) N/A E. Number of years allowed: ❑Year I ❑Year 2 ❑Year 3 0 Year 4 ❑ 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 6-1.1-12.1-17? tEl Yes 0 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 Common Council of the City of South Bend,Indiana 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 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. 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. 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