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Home My WebLink About5150-25 Designating Resolution - Real Property Tax Abatement for Michigan Motorsports LLC at 3315 William Richardson Court 2025-30736 RECORDED AS PRESENTED ON United States of AmerwNES.BROWN ST.JOSEPH COUNTY RECORDER PGS:7 FEES: 25.00 - FILED - "04" DEC 0 3 2025 ST. JOSEPH OOUNTY -RECEIVED- DEC 0 3 2025 ST. JOSEPH COUNTY Certificate ASSESSOR STATE OF INDIANA, COUNTY OF ST. JOSEPH, ss: 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. 5150-25 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 3315 WILLIAM RICHARDSON COURT, SOUTH BEND, INDIANA 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SEVEN-YEAR (7) REAL PROPERTY TAX ABATEMENT FOR 4BOYS4 INVESTMENTS LLC ADOPTED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, OCTOBER, 27, 2025 PRESENTED TO, APPROVED AND SIGNED BY MAYOR JAMES MUELLER, OCTOBER, 30, 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 3' day of Vecer+be r 20 25 Bianca L. Tirado 'SPUT� 4;,�t. Clerk of the City of South Bend 'N ICP ` 'V II �� St. Joseph County, Indiana r t, By: \\U �1``v f�_Wax Ma�tlnt..� �ICAt Deputy City Clerk .. '—"'�� ,` 1 N co co 1865''' . 0) C RESOLUTION No . 5150-25 Passed by the Common Council of the City of South Bend, Indiana October 27, 20 25 Attest: I� % OL- City Clerk AV--. Bianca L. Tira o i ) -).________ Attest: President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana October 28, 20 25 City Clerk Bianca L. TiraaC)4147-.) Approved and signed by me 0 d 01I✓ 39) 20 25 rif/i Mayor : ;rilicji7r ' `�` 1 F+ W. �� .c ,%, t! ..ti„.. 1e65 . .,Y yr. BILL NO. 25-45 RESOLUTION NO. 5150-25 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 3315 William Richardson Court, South Bend, Indiana 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SEVEN-YEAR (7) REAL PROPERTY TAX ABATEMENT FOR 4Boys4 Investments 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: 71-03-21-232-021.000-009 Local Parcel Number: 025-1013-021202 Commonly Known As: 3315 William Richardson Court Legal Description: Midwest Embroidery Inc Minor Subdivision Lot 1 Annexed From 04-1013-0212.02 92-93 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, 4Boys4 Investments LLC has entered into a purchase agreement with the South Bend Redevelopment Commission to acquire ownership of the area; and WHEREAS, the petitioner—Michigan Motorsports LLC—and 4Boys4 Investments LLC are common entities; and WHEREAS, the petitioner has agreed to and has accepted responsibility to report any changes in the Key Number and legal description to the Department of Community Investment and to the Office of the City Clerk; and WHEREAS,the Department of Community Investment has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1 et seq. and South Bend Municipal Code Sections 2-76 et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS,the Community Investment Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6-1.1-12.1 et seq. for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, is sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating the area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall expire on December 31, 2028. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of seven (7) years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 90% Year 3 - 80% Year 4 - 70% Year 5 - 60% Year 6 - 50% Year? - 50% SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Canneth J. , Council President South Bend Common Council Attest: t't;VM'i)j Bianca L. Tira o, C y 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 28`1' day of October , 2025, at 12 o'clock p.m. Bianca L. Tirado, C. Clerk Office of the City Clerk Approved and signed by me on the 7 day of ('( V , 2025, at 2. o'clock f.m. Ja s Mueller, Mayor Ci of South Bend, Indiana i;�"`.'•"'`�: STATEM:NT OF BENEFITS sPl REAL ES ATE IMPROVEMENTS 2025 PAYso26��, State Form 517t 7(R7/1-21) ___ Prescribed by he Department of Local Government Finance FORM SB-1/Real Property OTICE This statement is being comp):ted for real property that qualifies under the following Indiana Code(check one box): Any information PRIVACY concerning the cost 0Redevelopment or rehabili l:lion of real estate improvements(IC 6-1.1-12.1-4) of the property and specific salaries 0 Residentially distressed ar a(IC 6-1.1-12.1-4.1) paid to individual employees by the property owner is confidential per INSTRUCTIONS: IC 6-1.1-12.1-5.1. 1. This statement must be su.mitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applic.nt in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted to the designatin t body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. 2. The statement of benefits firm must be submitted to the designating body and the area designated an economic revitalization area before the initiation of the redevelopment or reha•ilitation for which the person desires to claim a deduction. 3. To obtain a deduction,a Fo m 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 thi (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 ap.lication within the prescribed deadline may file an application between January 1 and May 10 of a subsequent year. 4. A property owner who files .r 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 attache. 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 Pro•:rty that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each deduction allowed. For a 'orm 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- 2.1-17 SECTION 1 TAXPAYER INFORMATION Name of taxpayer 4Boys4 Investments LLC Address of taxpayer Number and Street: 165 Bell "oad Niles Cite. State: MI ZIP: 49120 Name of contact person Telephone number E-mail address First Name' Easter Last Name' Baber (269)262-0511 ebaber@michiganmotorsports.cor SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Common Council of the City of South Bend Resolution number ro 61 5 O-ZS Location of property Number and reet City State ZIP County 3315 William Richardson Ct. South Bend IN 46628 St. Joseph DLGF taxing district number Description of real property improve ents,redevelopment,or rehabilitation(use additional sheets if necessary) D (Sours Bend-German Estimated start date(month,day,year) Construction of a 50,100 square foot office and warehouse building for the 6/1/2026 new headquarters of Michigan Motorsports. Property is currently vacant Estimated completion date(month,day,year) 12/31/2028 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salanes Number Additional Salanes 0 $0 0 $0 29 $2,133,976 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS Current values COST ASSESSED VALUE S0 $0 Plus estimated values of proposed project $4,000,000 Less values of any $2.400,000 property being replaced $o $o Net estimated values upon completion of project $4,000,000 SECTION 5 $2,400,000 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) _ Estimated hazardous waste converted(pounds) Other benefits Construction on a long-vacant parcel. SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized re resentative Date signed( nth,dal,year) `' ' _ 1o `L2-/ Lk-- Printed name of authonzed represen ive � � TitleleT.--L. � CG O Page 1 of 2 FOR USE OF THE DESIGNATING BODY We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed under IC 6-1.1-12.1,provices for the following limitations: A. The designated area has been limited to a period of time not to exceed n/a calendar years'(see below). The date this designation expires is 12/31/2028 NOTE:This question addresses whether the resolution contains an expiration date for the designated area. B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment cc rehabilitation of real estate improvements ❑Yes ❑No 2. Residentially distressed areas ❑Yes ❑No C. The amount of the deduction applicable is limited to$ n/a D. Other limitations or conditions(specify) n/a E. Number of years allowed: ❑Year 1 ❑Year 2 ❑Year 3 ❑Year 4 ❑ Year 5 (`see below) ❑Year 6 Q Year 7 ❑Year 8 ❑Year 9 ❑Year 10 F. For a statement of benefits approved after June 30.2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? El Yes ❑No If yes,attach a copy of the abatement schedule to this form. If no.the designatinc 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. Ap ed(signature an title of authorized member of designating body) Telephone number Date signed(month,day,year) (5741 ) 235 - 1321 J0 2 7 Printed nam authorized memb r of designating body Name of designating body CotA0C4k L(.(. Common Council of the City of South Bend,Indiana Attested by(signature and title of sttester) Printed name of attester DiK-10,1 Difc 4or oC' �.I,c.,-/ M..44kc• � Nt•�t If the designating body lien is 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 receivte 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 remair 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 designatinc body is required to establish an abatement schedule for each deduction allowed. Except as provided n 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 bendy 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