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Home My WebLink About25-08 Designating Resolution - Personal Property Tax Abatement for 445 North Sheridan Street �I CITY OF SOUTH BEND Wfle� COMMUNITY INVESTMENT January 22, 2024 Filed in Clerk's Office Council Member Troy Warner •. Chairperson, Community Investment Committee South Bend Common Council Bianca Tirado County-City Building, 4th Floor City Clerk,South Bend, IN South Bend, Indiana 46601 RE: Declaratory Resolutions (2j: Industrial Property Tax Abatement for GLC Sheridan, LLC and Personal Property Abatement for GTA Containers, LLC Dear Council Member Warner, Please find the enclosed Declaratory Resolution and supporting information pertaining to a tax abatement petition jointly submitted by GLC Sheridan, LLC, an Indiana Limited Liability Company and GTA Containers, LLC, also an Indiana Limited Liability Company. This petition package includes: • Department of Community Investment's summary report • Petition for abatement • Statement of Benefits forms (SB-1 /Real Property) • Statement of Benefits forms (SB-1 /Personal Property) • Supporting information The report contains the Department's findings relative to the above-mentioned petition. GLC Sheridan, LLC, intends to expand the facility located at 445 N. Sheridan Street,which will be leased to GTA Containers, LLC, through a triple net lease. GTA Containers has been a local employer and manufacturer since 1988, and due to market shifts, need to expand into this new space. GLC Sheridan, LLC, is requesting a real property tax abatement in support of the project. GTA Containers will also need to purchase new manufacturing equipment to support this growth and is requesting a personal property tax abatement. The total investment for this project is$11,992,250 and will generate an additional 15 FTEs with a combined annual salary of$1,040,000. The project meets the qualifications for an eight-year(8)mixed-use development real property tax abatement, and a five-year(5) personal property tax abatement. A representative from GLC Sheridan, LLC, and GTA Containers, LLC will be available on Monday, January 27, 2025. If you or other Council members have questions about the report or need additional information, please feel free to call me at (574)235-5836. Sincerely, (1)4 ,1,1 Mark Bemenderfer Manager Business Development EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov GTA CONTAINERS INC.•4201 LINDEN AVE•SOUTH BEND,IN. 46619 PHONE: 574-288-3459•WEBSITE:www.gtacontainers.com CAGE 1YFX5•DUNS: 110499535•ISO 9001:2008 Certified January 7,2025 GTA Containers,a HubZone certified local military contractor and employer since 1988,is seeking an abatement in connection with the expansion of its current facilities within South Bend. This project would result in the expenditure of$8.8 million for construction,and would allow the business to remain in the area, resulting in both job maintenance and for additional jobs through expansion. Currently,GTA Containers operates from its location at 4201 Linden Avenue in South Bend. At this site,there are two large,updated structures as well as an old outbuilding,currently used as a welding and machine shop and vacant land. In Plant 1,a 65,000 square foot facility,GTA currently manufactures covers and doors for military vehicles. Plant 2,a 95,000 square foot facility,was purpose built to manufacture collapsable fabric fuel and water tanks, ranging in size from 500 to 210,000 gallons. The welding and machine shop covers an additional 35,000 square feet. The market has shifted,and GTA Containers finds itself being asked to design and deliver not only fluid storage, but storage and distribution systems. Integrating systems requires additional floor space,which is prompting the need for expansion. The proposed construction will raze the existing welding and machine shop,and will cover that area along with the vacant land,with a new 112,000 square foot facility that will match the other two buildings in appearance,and will contain manufacturing and office space. This new building will house covers and doors manufacturing,welding(supporting covers and doors)and a new,automated camouflage paint line. The existing building will be converted to integrate fluid storage and distribution systems,and will house an expanded Engineering team. GTA Containers has been part of the South Bend community since 1988,and prides itself on providing stable employment to the West Side, Linden Avenue area despite operating in the military contracting environment, know for rapid fluctuations in demand. Given the current geo-political environment and the company's move into becoming a systems integrator,we believe that growth will fuel more stability and additional hiring. Given our location and the nature of our operations,we have a predominantly Spanish-speaking,and largely female workforce. This profile also covers supervision and plant management. Given the large number of extended family members within our team at GTA Containers,we take culture seriously,and work hard to provide competitive wages and benefits to our team members. GTA Containers is committed to supporting South Bend and providing high-quality jobs to our residents. We ask that you support our petition for abatement because it will allow us to expand,provide more jobs,and continue to revitalize our West Side, Linden Avenue neighborhood. We appreciate your consideration of our petition for abatement. Sincerely yours, Filed in Clerk's Office Igor Popov Bianca Tirado Chief Executive Officer City Clerk, South Bend, IN Filed in Clerk's Office BILL NO. 25-08 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 445 N. Sheridan Street, South Bend, Indiana 46619 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE-YEAR (5) PERSONAL PROPERTY TAX ABATEMENT FOR GTA Containers, LLC WHEREAS, a petition for personal 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 commonly known as 445 N. Sheridan St, South Bend, Indiana 46619, and which is more particularly described as: Business Personal Property and which has Key Numbers to be assigned, 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 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 pursuant to Indiana Code 6-1.1- 12.1-4.5 et seq. that: A. The estimate of the cost of the new industrial and manufacturing equipment is reasonable for equipment of that type; B. 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 installation of new industrial and manufacturing equipment; C. 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 installation of new industrial and manufacturing equipment; D. Any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new industrial and manufacturing equipment; and E. The totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new industrial and manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community Investment and the Community Investment Committee's favorable recommendation that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall expire on December 31, 2027. SECTION V. 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 below pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 90% Year 3 - 80% Year 4 - 70% Year s - 60% SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VII. 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 TAX ABATEMENT REPORT Filed in Clerk's Office TO: South Bend Common Council Bianca Tirado FROM: Mark Bemenderfer, Manager Business Development City Clerk,South Bend, IN SUBJECT: Industrial Development Real Property Tax Abatement Petition for GLC Sheridan, LLC and Personal Property Tax Abatement for GTA Containers, LLC DATE: January 22, 2025 On January 22, 2025, a petition for tax abatement from GLC Sheridan, LLC, and GTA Containers, LLC, was filed with the Office of the City Clerk. The petition seeks consideration for an industrial development real property tax abatement and a personal property tax abatement for property located at 445 N. Sheridan Street, South Bend IN 46619. 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, GLC Sheridan, LLC, will be developing an industrial building to be leased to co-petitioner GTA Containers, LLC. GTA Containers will need to outfit this space with new industrial equipment. • The project will consist of a new 112,500 square foot facility with an approximate new construction cost of$8,800,000. • New manufacturing equipment to support GTA Containers' expanded operations will be purchased at an approximate cost of$2,300,000. • The total project cost, including land acquisition, comes to $11,992,250. • These investments will help GTA Containers adjust to market shifts and be more competitive. GTA Containers will also receive the full benefits of the real property tax abatement in addition to the personal property abatement. Employment Impact Per this petition and supporting material, it is estimated that the company will: • Retain 143 current jobs with an estimated salary of $9,271,204. • Upon completion of the new building and new equipment being placed into service, create at least seven (7) new full-time jobs with an estimated total annual payroll of $480,916. • By the end of 2027, create at least fifteen (15)full-time jobs with an estimated annual payroll of$1,040,312. Tax Estimates GLC Sheridan, LLC, qualifies for an eight-year(8) industrial development real property tax abatement. • Current estimated annual real property taxes: $11,956 • Estimated combined annual taxes after the project's completion: $192,255 • Total estimated combined taxes during the eight-year(8) abatement period: $1,538,042 o Estimated taxes being abated during the abatement period: $704,350 o Estimated total taxes to be paid during the abatement period: $833,692 GTA Containers, LLC, qualifies for a five-year (5) personal property tax abatement. • Total estimated combined taxes during the eight-year (8) abatement period: $184,462 o Estimated taxes being abated during the abatement period: $131,075 o Estimated total taxes to be paid during the abatement period: $53,387 Abatement Qualification 1. A review of the tax abatements previously granted finds that the petitioner and/or related companies have been granted the following abatements: • Resolution No. 4483-15 (7/27/15): Eight-year(8) real property tax abatement for property located at 5448 Dylan Drive granted to GLC Portage Prairie LLC • Resolution No. 5033-23 (6/26/23): Nine-year(9) industrial development real property tax abatement for property located at 5448 Dylan Drive granted to GLC Portage Prairie LLC 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. 2 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that petitioner GLC Sheridan, LLC, meets the qualifications for an eight-year(8) industrial development real property tax abatement under Division 7 (Industrial Development Real Property Tax Abatement), Section 2-82 (Industrial development city-wide general standards). Petitioner GTA Containers, LLC, meets the qualifications for a five-year(5) personal property tax abatement under Division 10 (Personal Property Tax Abatement), Section 2-84.2 (Tangible Personal Property Tax Abatement). 3 8-Year Abatement January 16.2025 GLC Sheridan, LLC South Bend Portage Township Commence!Development Real Property Tax Abatement Schedule' Type of Property: Industrial Estimated Project Cost: $ 8,880,000 Rehabilitation Property Address: 445 N.Sheridan St Tax Key Number: 71-08-04-376-017.000-026 Without Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Assessed Value(AV) Land $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47.200 $ 47,200 Structure(AV=60%Project Cost) 306,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 Gross Assessed Value 353,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 Abatement 100% 90% 80% 70% 60% 50% 40% 30% Abatement Deduction - (5,328,000) (4,795,200) (4,262,400) (3,729,600) (3,196,800) (2,664,000) (2,131,200) (1,598,400) Net Assessed Value 353,300 5,681,300 353,300 886,100 1,418,900 1,951,700 2,484,500 3,017,300 3,550,100 4,082,900 Property Taxes Assume constant tax rate of 5.3548% Gross Tax(Tax Rate x Net AV) 18,919 304,222 18,919 47,449 75,979 104,510 133,040 161,570 190,101 218,631 Local Tax Credit(12.3682%of GT-DS) (2,172) (34,929) (2,172) (5,448) (8,723) (11,999) (15,275) (18,550) (21,826) (25,102) Circuit Breaker Credit (4,791) (77,039) - - - - - - - (7,412) Taxes Due $ 11,956 $ 192,255 $ 16,746 $ 42,001 $ 67,256 $ 92,511 $ 117,765 $ 143,020 $ 168,275 $ 186,117 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% Circuit Breaker Cap 10,599 170,439 170,439 170,439 170,439 170,439 170,439 170,439 170,439 170,439 Debt Service(0.3840%of Net AV) 1,357 21,816 1,357 3,403 5,449 7,495 9,540 11,586 13,632 15,678 Max Tax Under the Cap 11,956 192,255 171,796 173,842 175,888 177,934 179,979 182,025 184,071 186,117 Combined Year Abatement Current Taxes New Current& Taxes Abated Net Taxes Due Projected Tax Paid New Taxes 1 100% $ 11,956 $ 180,300 $ 192,255 $ (175,509) $ 16,746 2 90% 11,956 180,300 192,255 (150,254) 42,001 3 80% 11,956 180,300 192,255 _ (124,999) 67,256 4 70% 11,956 180,300 192,255 (99,745) 92,511 5 60% 11,956 180,300 192,255 (74,490) 117,765 6 50% 11.956 180,300 192,255 (49,235) 143,020 7 40% 11,956 180,300 192,255 (23,980) 168,275 8 30% 11,956 180,300 192,255 (6.138) 186,117 Total: 95,645 1,442,396 1,538,042 (704,350) 833,692 •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 5-Year Abatement January 16,2025 GTA Containers, LLC South Bend Portage Township Personal Property Tax Abatement Schedule* Estimated Equipment Cost: $ 2,300,000 Asset Pool: Pool#3(9-12 years) Property Address: 445 N.Sheridan St Tax Key Number: TBD Year 1 Year 2 Year 3 Year 4 Year 5 Assessed Value(AV) True Tax Value(TTV) 40% 60% 55% 45% 37% New Base(Equipment Cost x TTV) 920,000 1,380,000 1,265,000 1,035,000 851,000 Abatement 100% 90% 80% 70% 60% Abatement Deduction (920,000) (1,242,000) (1,012,000) (724,500) (510,600) Net Assessed Value - 138,000 253,000 310,500 340,400 Property Taxes Assume constant tax rate of 5.3548% Gross Tax(Tax Rate x Net AV) - 7,390 13,548 16,627 18,228 Debt Service(0.3840%of Net AV) - 530 972 1,192 1,307 Local Tax Credit(12.3682%of GT-DS) - (848) (1,555) (1,909) (2,093) Circuit Breaker Credit - - - - - Taxes Due $ - $ 7,071 $ 12.964 $ 15,910 $ 17.442 Circuit Breaker Cap 3% 3% 3% 3% 3% 27,600 41,400 37,950 31,050 25,530 Year Abatement New ProjTaxected Taxes Abated NePa es aid 1 i 00% $ 31.133 $ (31,133) $ - 2 90% 46,699 (39,628) 7,071 3 80% 42.808 (29,844) 12,964 4 70% 35.024 (19,114) 15,910 5 60% 28.798 (11.356) 17.442 Years 1-5 Total: 184,462 (131,075) 53,387 Years 6-10 Total 80.167 - 80167 •This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. Department of Community Investment -. City of South Bend City of South Bend Instructions:Complete pages 1-3 5:01-216ei AND the proper Form SB-1 for (7).1h:S) Petition for Incentives the type of abatement(real 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 Secretary of State GLC Sheridan, LLC & GTA Containers, LLC Business structure Indiana limited liability companies Company websue www.greatlakescapitar.com&www.gtacontainers.com Proposed Project Information Proposed project address 445 N. Sheridan Street Parent company name City,State,Zip South Bend, IN 46619 Legal owner GLC Sheridan, LLC Site acreage or acreage required Is the real estate owned 9.91 or leased? Owned Square feet of facility 112,500 If leased,by whom? Lease to GTA Containers,LLC Primary Contact Information Primary company contact name Isaac Hall Title Development Associate Address of company contact 7410 Aspect Drive,Suite 100 Phone 574-213-1709 City,State,Zip Granger, IN 46530 Email ihall@greatlakescapital.corn Senior Official Information Company senior official name Jeff Smoke Title Managing Director Address of company contact Phone (If different from above) 7410 Aspect Drive, Suite 100 574-251-4400 City,State,Zip Granger, IN 46530 Email g jsmoke@greatlakescapital.com Consultant Information/Agent Hired business consultant/agent name 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 GLC Sheridan, LLC proposes to develop an industrial building property Is necessary for containing approximately 112,500 square feet to (a) replace an obsolete economic growth building at 445 N. Sheridan, and (b) be leased to GTA Containers to expand its two building campus on Linden Avenue. Any benefits of abatement inure to GTA Containers and support its efforts to invest in new manufacturing capabilities and grow and retain its employment on site. This project will facilitate continued growth for GTA's Doors and Covers business with the addition of new paint lines. Certified Technology Park appropriate N/A Is the project Ina Tax Incremental Financing (TIF)area? If so,which? N/A Have Building Permits been Issued?(Y/N) Number of residential units created by (Note-Not eligible for abatement if Yes] No project N/A 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 0 0 $2,375,000 New Project Investments Calendar Year 2023 2024 2025 2026 2027 2028 2029 2030 Land Acquisition $737,250.00 Building Lease Payments Building Purchase Costs New Building Construction S 8,880,000.00 Existing Building Improvements New Machinery&Equipment 5 2,300,000.00 Special Tooling/Retooling New Furniture/Fixtures $75,000.00 New Computer/IT Hardware New Software On-site Rail Infrastructure On-site Fiber Infrastructure TOTAL $0.00 $0.00 S 11,992.250 re $0.00 $0.00 $0.00 $0.00 $0.00 Full-Time Permanent Indiana-Resident Positions by Calendar Year Calendar Year lobs retained Hourly Cumulative B of net NEW full time Hourly average wage,w/o Total training Total p to be averse 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 143 $31.17 2025 7 $33.03 $12,000 5 2026 5 $33.00 $4,000 2 2027 3 $34.00 2028 2029 2030 2031 2032 2033 2034 2035 Provide hourly wage information for new employees in the following positions. Full time Part time Laborers $18.00 Technical $50.00 Managerial $75.00 Administrative Who will be the individual responsible for coordinating with WorkOne on recruiting? Does your company have an EEO hiring policy? Are you an EFO employer? 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 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 3 6 13 From the time our Founder built Hispanic 101 2 101 2 128 2 GTA on the West Side of South Bend we have been dedicated to Asian creating Full Time opportunities Indian for individuals in the neighboring Female community to have access to 70 74 87 good,stable,quality jobs. We Other continue that commitment. 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 companies which will provide materials purchased for this project. complete the table below with the appropriateQualify Please information. If (Yes or No) Earned Points Available Points you qualify for the points,please enter the full amount of available points. 1 Construction Related(Contractors): A. Employ Local Companies(75%) Y 20 20 B. Purchase Materials from Local Companies(75%) Y 20 20 C. Require Employees vs.Independent Contractors Y 19 19 D. Require Prevailing Wage 22 E. Require Health Benefits Y 22 22 F. Require Retirement Benefits Y 18 18 G. Maintain Affirmative Action Plan Y 20 20 Sub-total Construction Related: 119 141 2 Wage&Benefit Related(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 15 F. Provide Transportation Assistance 14 G. Provide Employer Assisted Housing program 9 Sub-total Wage&Benefit Related: 124 162 3 Workforce Related: A. Create New Jobs Y 42 42 B. Retain Existing Jobs Y 41 41 C. Maintain Affirmative Action Plan Y 35 3S D. Provide Targeted Hiring Preference 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.) 84 Name of Facility Sub-total Municipal Facility: c 84 Sub-total from Above: 361 539 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 CodeCo Sec.2-76 et seq.,for this petition state the above. Submitted By: Atet Date: For Staff Use Only Below This Line What Is the current assessed value? Real Property: $306,100 Personal Property: What is the projected assessed value? Real Property: $5,634,1 00 Personal Property: What is the tax key number(s)for this project? 71-08-04-376-017.000-026&TBD 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 $10,588.54 $37,987.08 Tax Year 2022/Pay 2023 $10,702.26 $37,446.21 Tax Year 2021/Pay 2022 $14,866.31 $60,636.10 Tax Year2020/Pay 2021 $4,883.67 $28 597 82 Tax Year 2019 I Pay 2020 $8,706.00 $23,979.30 Please fill out the following Public Benefit Summary Information and add to total from above. lY or NI Points Points Public Benefit Item: Project Related: S A. Redevelop a Site that has Special Needs N 0 49 B. Develop Based on Local University Research N 0 35 C. Achieve a Physical Element of a Plan N 0 36 Sub-total Project Related: 120 6 Super Size Projects(point values are cumulative): A. 100%to 199% Y 25 25 B. 200%to 299% Y 68 68 C. 300%to399% Y 65 65 D. 400%and Over Y 52 52 Sub-total Super Size Projects: 210 7 Pay for Municipal Infrastructure: A. Pay for Oversizing or Upgrading N 0 14 B. Pay for 26-50%of Extension Cost N 0 26 C. Pay for 51-75%of Extension Cost N 0 39 D. Pay for 76-100%of Extension Cost N 0 52 Sub-total Infrastructure Related: 131 Total from Applicant Section: 361 539 Total from Staff Section: 210 461 Total Public Benefit Points: 571 1000 "%" r4 � STATEMENT OF BENEFITS 2024 PAY 2025 ' REAL ESTATE IMPROVEMENTS t' State Form 51767(R7 i 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 ❑Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4) of the individual and specific salaries ties ❑ Residentiallydistressed area(IC 6-1.1-12.1-4.1 paid to individual employees by the ) 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 orrehabilitation 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. lC 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 GLC Sheridan, LLC and/or GTA Containers, LLC Address of taxpayer Number'and Street:7410 Aspect Drive, Suite 100, Granger, IN 46530 City: Granger stave: iN LIP' 46530 Name of contact person Telephone number E-mail address First Name: Isaac Last Namer Hall (574)213-1709 ihall@greatlakescapital.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 Number and Street City Stare ZIP County DLGF taxing district number 445 N Sheridan St South Bend IN 46619 St. Joseph 026(South Bend-Portage) Descnption of real property improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year) GLC Sheridan,LLC proposes to develop an industrial building containing approximately 112,500 square feet to(a)replace an obsolete 3/3/2025 building at 445 N.Sheridan,and(b)be teased to GTA Containers to expand its two building campus on Linden Avenue. Any benefits of abatement inure to GTA Containers and support its efforts to invest in new manufacturing capabilities ano grow and retain its employment on Estimated completion date(month,day,year) site.This project will facilitate continued growth for GTA's Doors and Covers business with the addition of new paint lines. 1/1/2027 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Additional Salaries 143 $9,271,204 143 $9,271,204 15 $ 1,040,312 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values $306,100 S 306,100 Plus estimated values of proposed project $8,880,000 $5,634,100 Less values of any property being replaced $0 $0 Net estimated values upon completion of project $9,186,100 $5,940,200 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signatu-of,. thoriz eprese tative Date signed(month,day,year) A"). 1.t 1.D1- Printe• am of authorized re resentative Title J C F F •SM J tc-C a.,F 4.c t-. Page 1 of 2 FOR USE OF THE DESIGNATING BODY We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed under IC 6-1.1-12.1,provides for the following limitations: A. The designated area has been limited to a period of time not to exceed 3 calendar years'(see below). The date this designation expires is 12/31/2027 . NOTE:This question addresses whether the resolution contains an expiration date for the designated area. B. The type of deduction that is allowed in the designated area is limited to: 1.Redevelopment or rehabilitation of real estate improvements D Yes No 2.Residentially distressed areas ❑Yes El No C. The amount of the deduction applicable is limited to$ n/a • • D. Other limitations or conditions(specify) n/a E. Number of years allowed: ❑Year 1 ❑Year 2 ❑Year 3 ❑Year 4 ❑Year 5 ('see below) ❑Year 6 ❑Year 7 D 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? Yes ❑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. (c)An abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. Page 2 of 2 STATEMENT OF BENEFITS PERSONAL PROPERTY FORM SB-1 /PP tw State Form 51764(R5/1-21) PRIVACY NOTICE "k , Prescribed by the Department of Local Government Finance Any information concerning the cost of the property and specific salaries paid to individual employees by the 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 a person installs the new manufacturing equipment and/or research and development equipment,and/or logistical distribution equipment and/or information technology equipment 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 installation of qualifying abatable equipment for which the person desires to claim a deduction. 3. To obtain a deduction,a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule (Form 103-ERA)with the township assessor of the township where the property is situated or with the county assessor if there is no township assessor for the township. The 103-ERA must be filed between January 1 and May 15 of the assessment year in which new manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment is installed and fully functional, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between January 1 and the extended due date of that year. 4. Property owners whose Statement of Benefits was approved,must submit Form CF-1/PP annually to show compliance with the Statement of Benefits. (IC 6-1.1-12.1-5.6) 5. For a Form SB-1/PP 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/PP 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 Name of contact person GTA Containers, LLC First Name: Last Name. Address of taxpayer Number and Street City State ZIP Telephone number Email 445 N. Sheridan Street South Bend IN 46619 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number(s) Common Council of the City of South Bend Location of property Number and Street City State ZIP County DLGF taxing district number 445 N Sheridan Street South Bend IN 46619 St. Joseph - Description of manufacturing equipment and/or research and development equipment ESTIMATED and/or logistical distribution equipment and/or information technology equipment. START DATE COMPLETION DATE (Use additional sheets if necessary) GTA will purchase be purchasing racking equipment for raw material storage and Manufacturing Equipment 4/15/2025 3/18/2026 large cranes for moving fabric roll stock. Additional welding stations will be R&D Equipment purchased and installed to handle additional volume. New data switches and wireless access equipment will need to be installed. A fabric paint line will also be Logist Dist Equipment 4/15/2025 3/18/2026 installed to in source the painting of camouflage patterns on fabric for covers production. IT Equipment 4/30/2025 3/18/2026 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Additional Salaries 143 $9,271,204 143 $9,271,204 15 $ 1,040,312 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT NOTE:Pursuant to IC 6-1.1-12.1-5.1 (d)(2)the MANUFACTURING R&D EQUIPMENT LOGIST DIST IT EQUIPMENT EQUIPMENT EQUIPMENT COST of the property is confidential. ASSESSED ASSESSED ASSESSED ASSESSED COST VALUE COST VALUE COST VALUE COST VALUE Current values $0 Plus estimated values of proposed project $2,300,000 Less values of any property being replaced $0 Net estimated values upon completion of project $2,300,000 $0 $0 $0 $0 $0 $0 $0 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits: SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized representative Date signed(month,day,year) Printed name of authorized representative I Title Page 1 of 2 FOR USE OF THE DESIGNATING BODY We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides for the following limitations as authorized under IC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed 3 calendar years*(see below). The date this designation expires is 12/31/2027 . NOTE.:This question addresses whether the resolution contains an expiration date for the designated area. B. The type of deduction that is allowed in the designated area is limited to: 1 . Installation of new manufacturing equipment; 0 Yes ❑No ❑ Enhanced Abatement per IC 6-1.1-12.1-18 2. Installation of new research and development equipment; ❑Yes 0 N o Check box if an enhanced abatement was 3. Installation of new logistical distribution equipment. ❑Yes N o approved for one or more of these types. 4. Installation of new information technology equipment; ❑Yes ❑✓ N o C.The amount of deduction applicable to new manufacturing equipment is limited to$ n/a cost with an assessed value of $ n/a . (One or both lines maybe filled out to establish a limit,if desired.) D.The amount of deduction applicable to new research and development equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) E. The amount of deduction applicable to new logistical distribution equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) F. The amount of deduction applicable to new information technology equipment is limited to$ _ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) G. Other limitations or conditions(specify) H. The deduction for new manufacturing equipment and/or new research and development equipment and/or new logistical distribution equipment and/or new information technology equipment installed and first claimed eligible for deduction is allowed for: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 Year 5 ❑Enhanced Abatement per IC 6-1.1-12.1-18 Number of years approved: ❑ Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 ❑ Year 10 (Enter one to twenty(1-20)years;may not exceed twenty(20)years.) I. 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? ❑Yes ❑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. Also we have 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 by:(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. 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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