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HomeMy WebLinkAbout25-34 Designating Resolution - Real Property Tax Abatement for KCG Companies, LLC vm'e, t, Filed in Clerk's Office Q,,Lf :-. :-=-2:-_- i CITY OF SOUTH BEND SUN 1 6 2025 ' �% COMMUNITY INVESTMENT BiancaTirado City Clerk, South Bend, IN 6/16/2025 Council Member Troy Warner Chairperson, Community Investment Committee South Bend Common Council County-City Building, 4th Floor South Bend, Indiana 46601 RE: Declaratory Resolution: Multi-Family Development Real Property Tax Abatement Petition for KCG Companies, LLC Dear Council Member Warner, Please find the enclosed Declaratory Resolution and supporting information pertaining to a tax abatement petition submitted by KCG Companies, LLC, an Indiana Limited Liability Company. This petition package includes: • Department of Community Investment's summary report • Petition for abatement • Statement of Benefits form (SB-1 / Real Property) • Supporting information The report contains the Department's findings relative to the above-mentioned petition. The petitioner plans to construct a new affordable apartment building at 2020 S. Main Street. This proposed abatement is part of a support package partnering with KCG Companies, which is applying for rental housing tax credits through the Indiana Housing & Community Development Authority (IHCDA). The abatement will go into effect only if this project is chosen by IHCDA in this year's competitive Tax Credit application round. The total investment for this project is $14,000,000. The project meets the qualifications for an ten-year (10) multi-family real property tax abatement. A representative from KCG Companies, LLC, will be available to meet with the Committee on Monday, June 23, 2025. If you or other Council members have questions about the report or need additional information, please feel free to call me at (574) 245-6022. Sincerely, Joseph Molnar Assistant Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 14005 CountyCity Building 227W.Jefferson Blvd. South Bend.Indiana 46601 p 574.235.9371 www.southbendin.gov Filed in Clerk's Office BILL NO. 25-34 RESOLUTION NO. Bianca Tirado 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 2020 S. MAIN STREET SOUTH BEND IN 46613 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN-YEAR (10) REAL PROPERTY TAX ABATEMENT FOR KCG Donald & Main, LP (c/o KCG Companies, 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: 71-08-13-355-004.000-026 Local Parcel Number: 018-8011-0500 Commonly Known As: 18 VAC LOT 96X165 MAIN ST Legal Description: Lots 24 And 25 Bowman Add To The Town Of Myler Key Number: 71-08-13-355-003.000-026 Local Parcel Number: 018-8011-050001 Commonly Known As: 2020 Main St. Legal Description: Lot 26 Thru 28 Bowman Add To Town Of Myler Now Pt Of City Of So Bend Key Number: 71-08-13-355-002.000-026 Local Parcel Number: 018-8011-0484 Commonly Known As: 2018 S MAIN ST Legal Description: Lot 29 Bowman Add To Town Myler Now Pt City 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, 2029. 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 -100% Year 3 - 95% Year 4 - 95% Year 5 - 90% Year 6 - 90% Year 7—80% Year 8 -80% Year 9-70% Year 10—70% 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 TAX ABATEMENT REPORT Filed in Clerk's Office JUN 1 6 2025 TO: South Bend Common Council Bianca Tirado FROM: Erik Glavich, Director, Growth and Opportunity City Clerk, South Bend, IN SUBJECT: Multi Family Development Real Property Tax Abatement Petition for KCG Companies, LLC DATE: June 16, 2025 On June 23, 2025, a petition for tax abatement from KCG Companies LLC was filed with the Office of the City Clerk. The petition seeks consideration for a multi-family development real property tax abatement for property 2020 S. Main Street. 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, KCG Companies LLC, has partnered with the South Bend Redevelopment Commission to build a multi-family building on currently owned RDC land. The project will apply for Low Income Housing Tax Credits. The abatement will only go into effect if the project is chosen by the IHCDA in this year's competitive Tax Credit application round. • The project will consist of 50 affordable residential apartments.. Private investment into this project is approximately $13 million. • The project will greatly contribute to the walkable urban community of the near south side as well as provide affordable housing options for South Bend residents. Employment Impact Per this petition and supporting material, it is estimated that the company will create: • Upon completion of the current building's construction, at least two (2) new full-time jobs with an estimated total annual payroll of$105,000. • The project will also create many job opportunities during construction for builders of the project and local sub-contractors. Tax Estimates The petitioner qualifies for a ten-year(10) multi-family development real property tax abatement. • Current estimated combined annual real property taxes: $1,199 • Estimated combined annual taxes after the project's completion: $41,052 • Total estimated combined taxes during the ten-year (10) abatement period: $449,328 o Estimated taxes being abated during the abatement period: $327,777 o Estimated total taxes to be paid during the abatement period: $121,551 Abatement Qualification 1. A review of the tax abatements previously granted finds that the petitioner has been granted the following prior abatement. • Resolution No. 5038-23 (7/11/23): Ten-year (10) multi-family tax abatement NOTE: Common Council approved the abatement while KCG was in the process of applying for LIHTC. KCG was not awarded credits for the project and never took control of the property, which is still owned by the City. 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 South Side 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) multi-family development real property tax abatement under Division 2 (Residential Development Real Property Tax Abatement), Section 2-77 (Multi-Family Residential Developments). 2 10-Year Abatement June 16,2025 KCG Companies, LLC South Bend Portage Township Residential Real Property Tax Abatement Schedule* Type of Dwelling: Multi-Family Residence -50 units- Estimated Project Cost: $14,000,000 New Construction Property Address: 2020 S.Main Street Tax Key Number: 71-08-13-355-002.000-026;71-08-13-355-003.000-026;71-08-13-355-004.000-026 True Tax Value Method: Income Income Income Income Income Income Income Income Income Income Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Capitalization Assessed(AV)and Current Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 True Tax Value(TTV) Land(AV) $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ 8,000 Structure(StructureTTV) - 1,733,333 1,768,000 1,803,360 1,839,427 1,876,216 1,913,740 1,952,015 1,991,055 2,030,876 2,071,494 Gross TTV 8,000 1,741,333 1,776,000 1,811,360 1,847,427 1,884,216 1,921,740 1,960,015 1,999,055 2,038,876 2,079,494 Abatement 100% 100% 95% 95% 90% 90% 80% 80% 70% 70% Abatement Deduction (1,733,333) (1,768,000) (1,713,192) (1,747,456) (1,688,594) (1,722,366) (1,561,612) (1,592,844) (1,421,613) (1,450,046) Net TTV 8,000 8,000 8,000 98,168 99,971 195,622 199,374 398,403 406,211 617,263 629,448 Property Taxes Assume constant tax rate of 5.0426% Gross Tax(Tax Rate x Net TTV) 403 403 403 4,950 5,041 9,864 10,054 20,090 20,484 31,126 31,741 Local Tax Credit(10.1130%of GT-DS) (38) (38) (38) (465) (474) (927) (945) (1,888) (1,925) (2,925) (2,982) Circuit Breaker Credit (97) - - - - - - - - - - Taxes Due $ 269 S 366 $ 366 $ 4,485 $ 4,567 $ 8,938 $ 9,109 $ 18,202 $ 18,559 $ 28,201 $ 28,758 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% Circuit Breaker Cap 240 34,827 35,520 36,227 36,949 37,684 38,435 39,200 39,981 40,778 41,590 Debt Service(0.3575%of Net TTV) 29 29 29 351 357 699 713 1,424 1,452 2,207 2,250 Max Tax Under the Cap 269 34,855 35,549 36,578 37,306 38,384 39,148 40,625 41,433 42,984 43,840 Year Abatement Total Tax Net Taxes Taxes Abated Liability Paid 1 100% $ 41,052 $ (40,686) $ 366 2 100% 41,869 (41,504) 366 3 95% 42,703 (38,218) 4,485 4 95% 43,553 (38,986) 4,567 5 90% 44,420 (35,483) 8,938 6 90% 45,305 (36,196)_ 9,109 7 80% 46,207 (28,005) 18,202 8 80% 47,128 (28,569) 18,559 9 70% 48,067 (19,865) 28,201 10 70% 49,024 (20,266) 28,758 Total: 449,328 (327,777) 121,551 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. "�i-� 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 n. AND the proper Form SB-1 for Petition for Incentives the type of abatement(real property or personal property) _ for •which Petition must include a$250 filing fee payable to the you are applying. "City of South Bend"before processing can be complete General Information Project Name Pia&Main Apartmen. Project Number Legal name asregistered with State of KCG Donald & Main, LP (c/o KCG Companies, LLC) Business structure Limited Partnership ]Company website www.kcgcompanies.com Proposed Project Information Proposed project address 2020 S. Main Street Parent company name KCG Companies City,State,Zip South Bend, IN Legal owner [Site acreage or acreage required Is the real estate owned 1.1 acres or leased? Owned Square feet of facility 43178 If leased,by whom? Primary Contact Information Primary company contact name Megan Schuetz Title VP of Development i Address of company contact 9311 N. Meridian St. Suite 100 Phone 608-692-1667 City.State,Tip Indianapolis, IN 46260 Email mschuetz@kcgcompanies.com Senior Official Information Company senior official name RJ Pasquesi Title President Address of company contact Phone 317-708-6519 (If different from above) City,State,Zip Email rpasquesi©kcgcompanies.com Consultant Information/Agent Hired business consultant/agent name Ni A Consultant release?ION) Address Local economic development partners approval?(YIN) II City,State,Zap Email Project Overview Brief description of your company,project,and why the Donald and Main Apartments is located at the northeast corner of S.Main and W.Donald in South Bend,IN The proposed project is a 50-unit building in one,4-story elevator building.This is a proposed property Is necessary for family development with a mix of one-,two-,and three-bedroom units with 20%of the units at 30%AM), economic growth 30%at 50%AMI,and 50%at 60%AMI. 10 units will be set aside for households where one family member has a developmental or intellectual disability consistent with the IHCDA Community Integration set-aside. We will partner with Partners In Opportunity(located within a block of the site)to refer residents and provide services as needed for those residents.We are also working with the Housing Authority of South Bend for possible project based vouchers. The is well located with a variety of services located nearby including a high school,large parks,churches, restaurants,and transit.Indiana University South Bend is less than 2 miles away. This project will provide necessary safe.decent and affordable housing for residents of South Bend.This allows those residents to not be overly encumbered by housing costs leaving them more money for education,health,employment,training,and family needs.In addition,this project will use a vacant site Previously owned by the City and allow for urban infi11 development. Certified Technology Park appropriate No Is the project in a Tax incremental Finandng (TIF)area?If so,which? Yes - Southside Have Building Permits been issued?(Y/N) Number of residential units created by 50 [Note-Not eligible for abatement if Yes) N project If this is a petition for personal property tax abatement,has N/A ]the equipment been Installed? 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 am/equipment being I (off-site of protect 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 $ 1,000.00 Building Lease Payments Building Purchase Costs New Building Construction s 8.850 000 00 • Existing Building Improvements !New Machinery&Equipment Spedal Tooling/Retooling New Furniture/Fixtures • tI New Computer/FT Hardware 'New Software i I 10n-site Rail Infrastructure III 1On-site Fiber Infrastructure TOTAL $0.001 $0.00 $0.00 s s.Bs1,0o0 00 $0.00 $0.00 $0.00 $0.00 (Full-Time Permanent Indiana-Resident Positions by Calendar Year j Calendar Year lobs retained Hourly Cumulative A of net NEW full time Hourly average wage,w/o Total training Total 9 to be average permanent Jobs created at project benefits or bonuses,of expenditure- trained-not wage,w/o benefits or cumulative set new Jobs not cumulative bonuses cumulative 2024 2025 2 $ 50.00 2 2026 2 $ 50.00 2 2027 2 $50.00 2 2028 2 $50.00 2029 2 $ 50.00 2030 2 $50.00 2031 2 S 50.00 2032 2 $ 50.00 2033 2 $ 50.00 2034 2 1 $ 50.00 J2035 2 $ 50.00 Provide hourly wage Information for new employees in the following positions. Fu71 time Par time Laborers $45,000.00 Technical Managerial $60.000.00 Administrative Who will be the individual responsible for coordinating with WorkOne on recruiting? Does your company have an EEO hiring policy?1 es pre you an EEO employer? Yes Please list the number of full time and part time minority and/or female Please describe your commitment to employees for the following years: diversity and inclusion by detailing your outreach and recruitment efforts for the lac' Year -- .-._ - three years as well as current polities. Full Time Part Time Full Time Part Time Full Time Part Time Black Due to the low number of Hlspank permanent hires this is not Asian applicable. During Indian construction we use a variety of outreach approaches Female including meet and greets Other with locals businesses. 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. Qualify Please complete the table below with the appropriate 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): {I A. Employ Local Companies(75%) No 0 B. Purchase Materials from Local Companies(75%) No 0 20 C. Require Employees vs.Independent Contractors No 0 9 D. Require Prevailing Wage No 0 E. Require Health Benefits No 0 ;2 F. Require Retirement Benefits No 0 18 G. Maintain Affirmative Action Plan No 0 2C Sub-total Construction Related: 0 -i 2 Wage&Benefit Related(Owner): A. Pay Target Wage Levels No 0 -- B. Provide Health Benefits Yes 34 3.1 C. Provide Retirement Benefits Yes 29 29 D. Provide Training Yes 28 28 E. Provide Child Care No 0 5 F. Provide Transportation Assistance No 0 14 G. Provide Employer Assisted Housing program No 0 9 Sub-total Wage&Benefit Related: 91 2 3 Workforce Related: A. Create New Jobs Yes 42 11 B. Retain Existing Jobs No 0 4: C. Maintain Affirmative Action Plan No 0 35 D. Provide Targeted Hiring Preference No 0 34 Sub-total Workforce Related: 42 :52 4 Support a Municipal Facility: Support a SB Municipal Facility(donations to the A. 84 8c zoo,conservatory,museum,etc.) Yes Name of Facility Zoo Sub-total Municipal Facility: 34 Sub-total from Above: 217 539 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 So uh Bend Mugicipal C� ode Sec.2-76 et seq.,for this petition state the above. Submitted By: - v'11ys.. --z% %mac. Date: 6/13/25 For Staff Use Only Below This Line • What is the current assessed value? Real Property: 3 51,36Personal Property NIA What is the projected assessed value? Real Property: 3,400,000 Personal Property: What is the tax key number(s)for this project? 71-08-13-355-002.000-026;71-08-13-355-003.000-026,71-08-13-355-004.000-026 What is the six digit NAICS code? 531110 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 CITY OWNED NO TAXES Tax Year 2022/Pay 2023 CITY OWNED NO TAXES Tax Year 2021/Pay 2022 CITY OWNED NO TAXES Tax Year 2020/Pay 2021 CITY OWNED NO TAXES Tax Year 2019/Pay 2020 CITY OWNED NO TAXES Please fill out the following Public Benefit Summary Information and add to total from above. fY or N) Points Points Public Benefit Item: Protect Related: 5 A. Redevelop a Site that has Special Needs 19 B. Develop Based on Local University Research 0 C. Achieve a Physical Element of a Plan 36 Sub-total Project Related: i{S 1 6 Super Size Pro)ects(point values are cumulative): A. 100%to 199% 25 25 8. 200%to 299% 68 68 C. 300%to 399% 65 65 D. 400%and Over 52 52 Sub-total Super Size Projects: 210 7 Pay for Municipal Infrastructure: A. Pay for Oversizing or Upgrading B. Pay for 26-50%of Extension Cost 26 C. Pay for 51-75%of Extension Cost 39 D. Pay for 76-100%of Extension Cost :;2 Sub-total Infrastructure Related: -'•1 Total from Applicant Section: 217 539 Total from Staff Section: / (S 161 Total Public Benefit Points: Si 1000 STATEMENT OF BENEFITS 2024 PAY zo25 ' ;' _'. REAL ESTATE IMPROVEMENTS �lE 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 of the property and specific salaries ❑ Redevelopment or rehabilitation of real estate improvements(IC 6-1,1-12.1-4) paid to individual employees by the ❑ Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per C 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 heanng 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 OF-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 taxpayerDonald & Main, LP (c/o KCG Companies, LLC) Address of taxpayer NwnbcrandStreet; 9311 N. Meridian St. Suite 100 City: Indianapolis State. IN ZIP' 46260 Name of contact person Telephone number E-mail address Megan Schuetz mschuetz@kcgcompanies.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name:i aes,gnat:ng°clay Resolution number Common Council of the City of South Bend Location of property Number and Arcs; City State ZIP County DLGF taxing district number 2020 S. Main South Bend IN 46613 St. Joseph _ Description of real property improvements,redevelopment or rehabilitation(use additional sheets necessary) Estimated start date(month,day,year) The Donald and Main Apartments is located at the northeast corner of S.Main and W.Donald in South Bend,IN.The 3/1/2027 proposed project is a 50-unit building in one,4-story elevator building.This is a proposed family development with a Estimated completion date(month,day,year) mix of one-,two-,and three-bedroom units with 20%of the units at 30%AMI,30%at 50%AMI,and 50%at 60%AMI 12/31/2029 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Additional Salaries SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values $0 Plus estimated values of proposed project $8.800,000 $1,733,333 Less values of any property being replaced $0 $0 Net estimated values upon completion of project $8,800,000 $1,733,333 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 at t e representations n this statement are:rue Signal f th ize prI ent=' ' !Date signed(month.day.year) 6/13/25 Printed name taut ri ed repres— se T tie Megan Schuet7 VP of Development 'age ' 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 oy this body. Said resolution,passed or to be passed under IC 6-1.1-12.1.provides for the following limitations: The date this designation e A. The designated area has been limited to a period of not to exceed nla_calendar years'(see below). expires is 1 213�/2029 . 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: Yes ONo 1.Redevelopment or rehabilitation of real estate improvements ❑Yes D No 2.Residentially distressed areas C. The amount of the deduction applicable is limited to S n/a nl O. Other limitations or conditions(speafyl Year 3 CI Year 4 ❑Year 5 ('see below) E. Number of years allowed: CI Year 1 Year 2 Year 8 0 Year 9 Dr Year 10 El 0 Year 6 ❑Year 7 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? D 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. late signed(mourn,day,year) Approved(signature and title of authorized member of designabng body) Name of designating body printed name of authorized member of designating body Common Council of the City of South Bend,Indiana s t •If the designating body limits the time period during which an area is anle econo s than is revitaearof years de gnatetion area,that imitation under oe 6o lmit the1 length of time a -17. taxpayer is entitled to receive a deduction to a number of years that 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. an (b)This c deduction al owed under his chapter. An abnt of benefits atement schedule oved after June mustt specify the pe.2013. A rcentage ag ing y shall amountt of thedeductionrfor each year of for eachyears. the deduction. 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