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Home My WebLink About5139-25 Designating Resolution - Real Property Tax Abatement for KCG Companies, LLC United States of America **%**.***,..*** %, l -RECEIVED- P/ °Ser, �Op (t) JUL U 2 2025 �o ,4O44 o%'/?°' ST. JOSEPH COUNTY 6le��1 91 S` `t``L ASSESSOR 20 - 88 Certificate 2A0S2P57:E2N6TAEm ON CANDACE S.BROWN ST.JOSEPH COUNTY RECORDER STATE OF INDIANA, COUNTY OF ST. JOSEPH, ss: PGS:7 FEES:25.00 I, Bianca L. Tirado, Clerk of the City of South Bend, County of St. Joseph, Indiana, hereby certify that the attached and foregoing is a full, true, and correct copy of RESOLUTION NO. 5139-25 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 SOUTH 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) ADOPTED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, JUNE, 23, 2025 PRESENTED TO, APPROVED AND SIGNED BY MAYOR JAMES MUELLER, JUNE, 24, 2025 ATTEST: CANNETH LEE, PRESIDENT OF THE COMMON COUNCIL ATTEST: BIANCA L. TIRADO, CITY CLERK the original of which is now on file in the office of the Clerk of the City of South Bend, St. Joseph County, Indiana. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official Seal of the City of South Bend, St. Joseph County, Indiana, this rd day of f&A!.( 20 t5 . •/WTI/ Bianca L. To rr� 0� , 1,��'��//, tA� Clerk of the City of South Bend sig �� ! + ; ^�l��lj j St. Joseph County, Indiana Vt \` �` �. By. , ` /'±,�,,I µ'0""t4 Ne.0 Deputy City Clerk x Q� � RESOLUTION No . 5139-25 Passed by the Common Council of the City of South Bend, Indiana June 23, 20 25 Attest: 10,44. Audr----- City Clerk Bianca L. Tirado (2 Attest: ta 470.1,-. President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana June 24, 20 25 ghatiA--- I (4111) City Clerk Bianca L. Tirado Approved and signed by me Le 11 20 25 )7 itii\- - Mayor C5 • BILL NO. 25-34 RESOLUTION NO. 5139-25 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 Bowmans 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. .14:3,. "--rry.,, ti/(k- ! � Canneth J. Lee, Council Presid'�nt South Bend Common Council Attest: if /I ; / Bianca L. Tirado, C 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 24th _day of June ,2025,at 12 o'clock p.m. .Bianca L. Tirado, City lerk Office of the City Clerk g PI Approved and signed by me on the ti l day of Jt, ( , 2025, at `1 o'clock f .tm. iti - Jai s Mueller, Mayor City of South Bend, Indiana —"'a STATEMENT OF BENEFITS 2024 PAY2025 REAL ESTATE IMPROVEMENTS ,x• �• 1 State Form 51767 i,RT 1-21) FORM SB-1 I 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 ❑ fi Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4) of the progeny and sployee striates pond to individual employees try the ❑ Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per IC -81.1-121-5.1. 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.tins 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 haled to file a deduction application within the prescribed deadline may file an application between January I 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, 1C 6-1 1-12.1-5.1(b) 5. For a Form SB-t/Real Property thal is approved after June 30, 2013. the designating body is required to establish an abatement schedule for each deduction allowed. Fora 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 Number and Street: 9311 N. Meridian St. Suite 100 city. Indianapolis State: IN ZIP: 46260 Name of contact person !Telephone number E-mail address Spun Megan Last:Came' Schuetz mschuetz@kcgcompanies.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Common Council of the City of South Bend 5131-25 Location of property Number and Sirs,: City Stare ZIP County OLGF taxing district number 2020 S. Main South Bend IN 46613 St. Joseph - Description of real property Improvements,redevelopment,or rehabilitation ruse additional sheets ifnecessary) 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 $a _ Plus estimated values of proposed protect $6,800,000 $1,733.333 Less values of any property being replaced $0 $0 Net estimated values upon completion of project $8,300,000 $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 in this statement are true. Signet f th ze epr ent= ' ' Date signed(month.day.yeah 6/13/25 Printed name r author _d reores--ive Megan_Schuet7 VP of Development 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 dais body. Said resolution passed or to be passed under IC 6-1.1-12.1,provides for the following limitations: calendar years'(see below). The date this designator) e A. The designated area has been limited to a period of not to exceed n/a_ expires is 12/3112029 . NOTE: q This question addresses whether the resolution contaT,s an expiration date for the designated area. B. The type of deduction that is allowed in the designated area limited to. �No 1.Redevelopment or rehabilitation of real estate improvementsYes O No 2.Residentially distressed areas C. the amount of the deduction applicable is limited to 5 n/a n/ D. Other limitations or conditions(speofy)Year 6 Year Year 7 2 Year 3 0 Year 4 0 Year 5 ("see below) Year 1 Year 8 ❑Year 9 Q Year 10 E. Number of years allowed: � g F. For a statement of benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-177 0 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 oe determined. We have also reviewed the information conta n dt in the s stathetement deduct of en nefits ard find that bed above the estimates and expectations are reasonable and have s determined that the totality of benefits onTelephone number Dare signed(month,.ay,year) si•na`reandtitle fauthorizedmemberofdesignatingbody)lik/ .15 q3 ( �/ ?r 1 (57K ) 2 � r � I� Name or designating body Printed�}le of autbonzed member of design-ling body Common Council of the City of South Bend,Indiana KA(. L - I a. Panted name of attester 1 Attested by(signature and — -of-•• ate + Cl" k 01�1 a� NgeA •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. approved prior to July I.2013.the deductionse estbl shed inI June 30, A. For-1residentially- .14.1 remain ined areas where the Form o may not exceed wase(5) ears. For a Form SB-11Relro aesrt nthat is dad approvedn v .1 after J 18,the 2013,theh.1des body effect.The deductiontestablish period may ent schedulec fivey 2013, designating is required to an abatement for each deduction allowed. Except provided deduction period may not exceed ten(10)years. (See IC 6-1.1-12.1- 7 below.) 1 2013.the abatementwas a roved prior to July B. For the redevelopment or rehabilitation of real property where the Form SB-11Real Property pp roved b the designating body remains in effect.For a Form SB-1/Real Property that is approved after June 30,2013,the designating chedsle app Y 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 on the section 4 or 4.5 of thischapter al abatement schedule following ) amount of the taxpayers inestment ineal and personal property. (2) The number of new full-time equivalent lobs 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 et tabheh an abatement ant each yea rschedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage 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 ifor a particularhe axpa taxpayer ate statemento July 1t.2013 remains in effect until the abatement schedule expires under the terms of the resolution approving Page 2 cf 2