HomeMy WebLinkAbout26-11 Designating Resolution - Real Property Tax Abatement for Wharf Partners LLC ter . ,
'4i = CITY OF SOUTH BEND
t,~ . �` COMMUNITY INVESTMENT
April 8, 2026
Filed in Clerk's Office
Council Member Troy Warner
Chairperson, Community Investment Committee Apr 8, 2026
South Bend Common Council
do
South Bend City Hall, 3rd Floor Bikth Bend. IN
South Bend, Indiana 46601 City Clerk,. Souuth S
RE: Declaratory Resolution: Mixed-Use Development Real Property Tax Abatement for
Wharf Partners LLC
Dear Council Member Warner,
Please find the enclosed Declaratory Resolution and supporting information pertaining to a tax
abatement petition submitted by Wharf Partners 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 outlines the Department's findings relative to the referenced petition. The petitioner
proposes to construct a new mixed-use building at 312-318 E. Colfax Avenue. The building will
total approximately 112,000 square feet and include 30,200 square feet of commercial space
along with 22 to 32 condominiums. The project will complement the Phase 1 building, Three
Twenty at The Cascade, which was completed in 2019.
The total investment for this phase of the Cascade project is approximately $50,000,000. The
project meets the qualifications for a six-year (6) mixed-use development real property tax
abatement.
A representative from Wharf Partners LLC will be available to meet with the Committee on
Monday, April 13, 2026.
If you or other Council members have questions about the report or need additional information,
please feel free to call me at (574) 235-5838.
Sincerely, ___ __
r- /'�
Erik Glavich
Director, Growth and Opportunity
EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
South Bend City Hall,Suite 500 215 S.Martin Luther King Jr.Blvd. South Bend,IN 46601 p 574.235.9371 www.southbendin.gov
Filed in Clerk's Office
Apr 8, 2026
BILL NO. 26-11 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
312-318 E. Colfax Avenue, South Bend, Indiana 46617
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
SIX-YEAR (6) REAL PROPERTY TAX ABATEMENT FOR
Wharf Partners LLC
WHEREAS, a petition for real property tax abatement consideration has been filed with
the City Clerk for consideration by the Common Council of the City of South Bend, Indiana,
requesting that the area described as:
Key Number: 71-08-12-130-011.000-026
Local Parcel Number: 018-5001-000202
Commonly Known As: 312 E. Colfax Avenue
Legal Description: Lot 1 Cascade Minor Sub 19/20 NP #546 4/12/2018
Key Number: 71-08-12-130-002.000-026
Local Parcel Number: 018-5001-000201
Commonly Known As: 318 E. Colfax Avenue
Legal Description: Lot 3 Cascade Minor Sub 19/20 NP #546 4/12/2018
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 six(6)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 - 100%
Year 4 - 100%
Year 5 - 100%
Year 6 - 100%
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. Lee, Council President
South Bend Common Council
Attest:
Bianca L. 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 , 2026, at o'clock .m.
Bianca L. Tirado, City Clerk
Office of the City Clerk
Approved and signed by me on the day of , 2026, at o'clock
.m.
James Mueller, Mayor
City of South Bend, Indiana
TAX ABATEMENT REPORT
TO: South Bend Common Council
FROM: Erik Glavich, Director, Growth and Opportunity
SUBJECT: Mixed-Use Development Real Property Tax Abatement Petition
for Wharf Partners LLC
DATE: April 8, 2026
On April 8, 2026, a petition for tax abatement from Wharf Partners LLC was filed with the Office
of the City Clerk. The petition seeks consideration for a mixed-use development real property
tax abatement for property at 312-318 E. Colfax Avenue in South Bend.
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
• Wharf Partners LLC, the petitioner, proposes to develop a mixed-use building
comprising commercial space and for-sale residential condominiums. The approximately
112,000-square-foot building will include 30,200 square feet of commercial space.
• The proposed development is part of the larger Cascade project and is designed to
complement the existing building located at 320 E. Colfax Avenue. That building,
completed by the petitioner in 2019, similarly integrates commercial and residential uses.
• The new building will include between 22 and 32 for-sale condominium units. Units will
consist of two-, three-, and four-bedroom layouts, ranging in size from approximately
1,550 to 3,429 square feet.
• The costs for this new phase of the Cascade project are estimated to be $50,000,000.
• The development will significantly enhance the walkability and vitality of the urban
waterfront environment along the east bank.
Employment Impact
Per this petition and supporting material, it is estimated:
• Upon completion of the building's commercial spaces, the petitioner estimates that
fifteen (15) new full-time jobs with an estimated total annual payroll of$750,000 will be
created.
Tax Estimates
The petitioner qualifies for six-year (6) mixed-use development real property tax abatement.
• Current estimated combined annual real property taxes: $4,487
• Tax Year 2025 tax liability for the parcels.
Commercial Spaces
• Estimated annual taxes after the project's completion: $312,046
• Estimate for commercial spaces only.
O Assumptions: Land assessed value is $294,000; Real property Improvements
assessed value is $9,000,000.
• Total estimated taxes during the six-year (6) abatement period: $1,872,276
• Estimated taxes being abated during the abatement period: $1,775,398
Estimated total taxes to be paid during the abatement period: $96,878
Residential Units
As set forth in the Statement of Benefits Form (Form SB-1) and to be memorialized in the
Memorandum of Agreement, the residential tax abatement will apply only to units owned by the
petitioner, Wharf Partners LLC. Upon the sale of any residential unit to a third party, the tax
abatement for that unit will terminate. For units retained by the petitioner, the abatement period
shall not exceed six years.
The estimates provided below are based on the assumption that ten residential units will receive
the abatement and that the average abatement period for each of those units will be three
years. This scenario assumes that all units except those ten will be sold before the petitioner
begins to realize the benefits of the abatement. These estimates are intended to provide context
regarding the scale and magnitude of potential tax savings associated with the residential
components of the building covered by this abatement.
• Estimated annual taxes after the project's completion: $335,300
The estimated tax liability for each residential unit is $33,530.
Assumptions PER UNIT: Land assessed value is $35,000; Real property
Improvements assessed value is $1,455,000.
• Total estimated taxes during the abatement period: $1,006,700
O Estimated taxes being abated during the abatement period: $953,800
• Estimated total taxes to be paid during the abatement period: $52,900
The tax estimates for the residential units assume that the tax abatement will apply to each unit
for a period of three years. These estimates do not include any tax liability incurred or taxes that
would be paid by an owner after Wharf Partners LLC sells a unit.
2
Abatement Qualification
1. A review of the tax abatements previously granted finds that the petitioner has been
granted the following prior abatement.
• Resolution No. 4714-18 (5/14/18): Six-year (6) real property tax abatement
2. The property is properly zoned for the proposed project.
3. Taxes on the property have been paid in full.
4. A review of the South Bend Redevelopment designation areas finds that the property is
in the River East Development Area.
5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets
the qualifications for a six-year (6) mixed-use development real property tax abatement
under Division 5 (Mixed Use Development Real Property Tax Abatement), Section 2-80
(Mixed Use Developments in Central Business District) and Division 9 (Miscellaneous
Real Property Tax Abatement Guidelines), Section 2-84 (Council's authority to enlarge
real property tax abatement general standards).
3
6-Year Abatement April 7,2026
Wharf Partners LLC
South Bend Portage Township-Real Property Tax Abatement Schedule(Retail Establishment)
Type of Property: Retail Establishment
Estimated Project Cost: $ 15,000,000 New Construction
Property Address: 312-318 E.Colfax Avenue
Tax Key Number: 71-08-12-130-002.000-026;71-08-12-130-011.000-026
Project Compte
Before Project No Abatement With Abatement
Tax Year/Pay Year: 2027/Pay 2028 2028/Pay 2029 2028/Pay 2029 2029/Pay 2030 2030/Pay 2031 2031/Pay 2032 2032/Pay 2033 2033/Pay 2034
Assessed Value(AV)
Land $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000
Structure(60%AV of Project Cost) 26,200 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000
Gross Assessed Value 320,200 9,294,000 9,294,000 9,294,000 9,294,000 9,294,000 9,294,000 9,294,000
Abatement 100% 100% 100% 100% 100% 100%
Abatement Deduction - - (8,973,800) (8,973,800) (8,973,800) (8,973,800) (8,973,800) (8,973,800)
Standard Homestead Deduction - - - - - - - -
Supplemental Homestead Deduction - - - - - - - -
Non-Homestead Standard Deduction - - - - - - - -
Net Assessed Value 320,200 9,294,000 320,200 320,200 320,200 320,200 320,200 320,200
Property Taxes
Assume constant tax rate of 5.0426%
Gross Tax(Tax Rate x Net AV) 16,146 468,659 16,146 16,146 16,146 16,146 16.146 16.146
Local Tax Credit (1,517) - - - - - - -
Circuit Breaker Credit (3,879) (156,613) - - - - - -
Supplemental Homestead Credit - - - - - - - -
Taxes Due $ 10,751 $ 312,046 $ 16,146 $ 16,146 $ 16,146 $ 16,146 $ 16,146 $ 16,146
3% 3% 3% 3% 3% 3% 3% 3%
Circuit Breaker Cap 9,606 278,820 278,820 278,820 278,820 278,820 278,820 278,820
Debt Service(0.3575%of Net AV) 1,145 33,226 1,145 1,145 1,145 1,145 1,145 1,145
Max Tax Under the Cap 10,751 312,046 279,965 279.965 279.965 279.965 279,965 279,965
Estimated Pre- Projected Total Projected
Pay Year Abatement Project Tax Liability Additional Tax Tax Liability Taxes Abated Net Taxes Paid
Liability (Current+Add!)
2029 100% $ 10,751 $ 301,295 $ 312,046 $ (295,900) $ 16,146
2030 100% 10,751 301,295 312,046 (295,900) 16,146
2031 100% 10,751 301,295 312,046 (295,900) 16,146
2032 100% 10,751 301,295' 312,046 (295,900) 16,146
2033 100% 10.751 _ 301.295 312.046 (295,900) 16,146
2034 100% 10 751 s 301 295 312 046 (295,900) 16,146
Total 64,504 1,807,772 1,872,276 (1,775,398) 96,878
•This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. 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
6-Year Abatement April 7,2026
Wharf Partners LLC
South Bend Portage Township-Real Property Tax Abatement Schedule(Multi-Family Residence)
Type of Property: Multi-Family Residence
Estimated Project Cost: $ 24,250,000 New Construction
Property Address: 312-318 E.Colfax Avenue
Tax Key Number: 71-08-12-130-002.000-026;71-08-12-130-011.000-026
Project Compte
Before Project No Abatement With Abatement
Tax Year/Pay Year: 2027/Pay 2028 2028/Pay 2029 2028/Pay 2029 2029/Pay 2030 2030/Pay 2031 2031/Pay 2032 2032/Pay 2033 2033/Pay 2034
Assessed Value(AV)
Land $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000
Structure(60%AV of Project Cost) - 14,550,000 14,550,000 14,550,000 14,550,000 14,550,000 14,550,000 14,550,000
Gross Assessed Value 350,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000 14,900,000
Abatement 100% 100% 100% 0% 0% 0%
Abatement Deduction - - (10,825,000) (10,080,000) (9,573,400) - - -
Standard Homestead Deduction - - - - - - - -
Supplemental Homestead Deduction - - - - - - - -
Non-Homestead Standard Deduction - (3,725,000) (3,725,000) (4,470,000) (4,976,600) (4,976,600) (4,976,600) (4,976,600)
Net Assessed Value 350,000 11,175,000 350,000 350,000 350,000 9,923,400 9,923,400 9,923,400
Property Taxes
Assume constant tax rate of 5.0426%
Gross Tax(Tax Rate x Net AV) 17,649 563,511 17,649 17,649 17,649 500,397 500,397 500,397
Local Tax Credit (1,658) - - - - - - -
Circuit Breaker Credit (4,240) (225,560) - - - (166,921) (166,921) (166,921)
Supplemental Homestead Credit - - - - - - - -
Taxes Due $ 11,751 $ 337,951 $ 17,649 $ 17,649 $ 17,649 $ 333,476 $ 333,476 $ 333,476
3% 2% 2% 2% 2% 2% 2% 2%
Circuit Breaker Cap 10,500 298,000 298,000 298,000 298,000 298,000 298,000 298,000
Debt Service(0.3575%of Net AV) 1,251 39,951 1,251 1,251 1,251 35,476 35,476 35,476
Max Tax Under the Cap 11,751 337,951 299,251 299.251 299.251 333.476 333,476 333,476
Estimated Pre- Projected Total Projected
Pay Year Abatement Project Tax Liability Additional Tax Tax Liability Taxes Abated Net Taxes Paid
Liability (Current+Add'I)
2029 100% S 11,751 $ 326,199 $ 337,951 $ (320,302) $ 17 649
2030 100% 11,751 323,536 335,287 (317,638) 17,649
2031 100% _ 11,751 321,725 333,476 (315,827) 17,649
2032 0% 11,751 321,725 333,476__ _ - 333,476
2033 0% 11.751 321.725 333.476 - 333,476
2034 0% I 1 751 '321 725 333 476 333.476
Total, 70,508 I 1,936,635 2,007,143 (953,767) 1,053,376
This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. ,"bb,1` Department of Community Investment
The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. ` • 0 City of South Bend
City of South Bend Instructions:Complete pages 1-3
AND the proper Form SB-1 for
Petition for Incentives the type ofabatement(real
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 Cascade Phase 2 Project Number
Legal name as registered with
Secretary of State Wharf Partners LLC
Business structure LLC
Company website www.atthecascade.com
Proposed Project Information
Proposed project address 1312 East Colfax Ave Parent company name
City,State,Zip South Bend, IN 46617 Legal owner Wharf Partners LLC
Site acreage or acreage required Approx. 0.56 acres Is the real estate owned Owned
or leased.
Square feet of facility Approx. 112,000 If leased,by whom?
Primary Contact Information
Primary company contact name Frank Perri Title Managing Member
Address of company contact PO Box 148 Phone 574-532-5646
City,State,Zip South Bend, IN 46624 Email fperri@earthdesignsred.com
Senior Official Information
Company senior official name Title
Address of company contact Phone
(if different from above)
City,State,Zip Email
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 Three Twelve at The Cascade is an eight-story, concrete and glass mixed-use
property is necessary for development totaling approximately 112,000 square feet, including commercial space.
economic growth Upon completion, the project will represent an investment of approximately$50 million.
The subject property is currently vacant and underutilized. Its development is essential
to advancing economic growth in the downtown district. The project will significantly
increase the property's assessed value, expand the local tax base, and generate both
construction and permanent jobs. The inclusion of commercial space will support new
business activity and drive sustained foot traffic, benefiting surrounding businesses.
As a high-quality, large-scale investment in a prominent downtown location, this project
will serve as a catalyst for additional private investment, helping to accelerate
redevelopment momentum and strengthen the overall economic vitality of the area.
Certified Technology Park appropriate
Is the project in a Tax Incremental Financing
(TIF)area? If so,which? River East
Have Building Permits been issued?(Y/N) Number of residential units created by
(Note-Not eligible for abatement if Yes] N project 22-32
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?
N/A No N/A N/A
New Project Investments
Calendar Year 2024 2025 2026 2027 2028 2029 2030 2031
Land Acquisition
Building Lease Payments
Building Purchase Costs
New Building Construction S 15.000.000.00 S 25 000.000.00 $10.000.000 00
Existing Building Improvements
New Machinery&Equipment
Special Tooling/Retooling
New Furniture/Fixtures
New Computer/IT Hardware
New Software i N
On-site Rail Infrastructure
On-site Fiber Infrastructure
TOTAL $0.00 $0.00 $15,000,000.00 $25.000.000.00 $10,000,000 00 $0.00 $0.00 $0.00
Full-Time Permanent Indiana-Resident Positions by Calendar Year
Calendar Year Jobs retained Hourly CUMULATIVE B of net NEW full Hourly average wage,w/o Total training Total B to be
average w i time permanent jobs created at benefits or bonuses,of it expenditure- trained-not
wage, /o project cumulative net new jobs not cumulative
benefits or P 1
bonuses cumulative
2026
2027
2028 15 $25.00
2029 15 $25.00
2030
2031
2032
2033
2034
2035
2036
2037
Provide hourly wage information for new employees in the following positions.
Full time Part time
Laborers
Technical
Managerial
Administrative
Who will be the individual responsible for coordinating
with WorkOne on recruiting?
Does your company have an EEO hiring policy? Are you an EEO 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
outreach and recruitment efforts for the last
Year 2026 2025 2024
three years as well as current policies.
Full Time Part Time Full Time Part Time Full Time Part Time
i
Black Three Twelve at The Cascade is committed to
Hispanic fostering a diverse and inclusive environment
that reflects the broader South Bend
Asian community.Through equitable hiring practices.
inclusive workplace policies.and engagement
with a diverse range of contractors and
Indian vendors,we aim to ensure that the economic
benefits of this project are broadly shared.We
Female believe that creating opportunities for
_, individuals of all backgrounds strengthens both
Other the project and the surrounding district.
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.
ualfy
Please complete the table below with the appropriate information. If (Yes orI 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 Y 22 22
E. Require Health Benefits I Y 22 22
F. Require Retirement Benefits N 0 18
G. Maintain Affirmative Action Plan Y 20 20
III Sub-total Construction Related: 123 141
2 Wage&Benefit Related(Owner):
n
A. Pay Target Wage Levels I Y 33 33
B. Provide Health Benefits N 0 34
C. Provide Retirement Benefits N 0 29
D. Provide Training Y 28 28
E. Provide Child Care N 0 15
F. Provide Transportation Assistance N 0 14
G. Provide Employer Assisted Housing program N 0 9
Sub-total Wage&Benefit Related: 61 162
3 Workforce Related:
A. Create New Jobs Y 42 42
B. Retain Existing Jobs N 0 41
C. Maintain Affirmative Action Plan N 0 35
D. Provide Targeted Hiring Preference Y 34 34
Sub-total Workforce Related: 76 152
4 Support a Municipal Facility:
Support a SB Municipal Facility(donations to the A.
Y 84
zoo,conservatory,museum,etc.) 84
If 4A is"Y,"then type Name of Facility(required if"Y"): VPA
I 'Sub-total Municipal Facility: 84 84
•
Sub-total from Above: 344 539
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 Code Sec.2-76 et seq.,for this petition state the above.
Submitted By: .p.%4,--- ' Date: April 7, 2026
For Staff Use Only Below This Line
What is the CURRENT assessed value? Land: 5 107.900 Real Property Improvements:I $26,200 Personal Property: $0
What is the projected assessed value? Real Property Improvements: $23,550,000 Personal Property: $0
What is the six digit NAICS code? N/A
Whatisthetaxkeynumber(s)forthisproject? 71-08-12-130-002.000-026; 71-08-12-130-011 .000-026
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 2025/Pay 2026 $4,486.98
Tax Year 2024/Pay 2025 $4,519.22
i
Tax Year 2023/Pay 2024 $4,730.84
Tax Year 2022/Pay 2023 $4,752.78
Tax Year 2021/Pay 2022 $ 6,270.16
Please fill out the following Public Benefit Summary Information and add to total from above.
(Y or N) Points Points
Public Benefit Item:
Project Related:
S A. Redevelop a Site that has Special Needs Y 49 49
B. Develop Based on Local University Research N 0 35
C. Achieve a Physical Element of a Plan Y 36 36
Sub-total Project Related: 85 120
6 Super Size Projects(point values are cumulative):
A. 100%to 199% Y 25 25
B. 200%to 299% Y 68 68
C. 300%to 399% Y 65 65
D. 400%and Over Y 52 52
Sub-total Super Size Projects: 210 210
7 Pay for Municipal Infrastructure(point values are cumulative):
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: 0 131
Total from Applicant Section: 344 539
Total from Staff Section: 295 461
Total Public Benefit Points: 639 1000
.0*74r.f0. STATEMENT OF BENEFITS 20 26 PAY 20 27
7e' . , REAL ESTATE IMPROVEMENTS FORM SB 1 I Real Property
1g' 0. f State Form 51761(R8/5-25)
• e1e Prescnbed by the Department of Local Government Finance PRIVACY NOTICE
Any information concerning the cost
This statement is being completed for real property that qualifies under the following Indiana Code(check one box) of the property and specific salaries
N 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
IC 6 1 1-12 1-1-
New agncultural improvement(IC 6-1 1-12 1-4) -
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 initiation of the redevelopment or rehabilitation of real property or a new agricultural improvement for
which the person wishes to claim a deduction
2 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
3 A property owner who files for the deduction must provide the county auditor and designating body with a Form CF-1/Real Property The Form CF-
1/Real Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction
is applicable IC 6-1 1-12 1-5 1(b)
4 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
SECTION 1 TAXPAYER INFORMATION
Name of Taxpayer
Wharf Partners LLC
Address of Taxpayer(number and street.city,state,and ZIP code)
PO Box 148
Name of Contact Demon Telephone Number Email Address
Frank Perri (574 ) 532-5646 fperri@earthdesignsred.com
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of Designating Body Resolution Number
South Bend Common Council
L ocation of Property County DLGF Taxing Distnct Number
312-318 E. Colfax Avenue, South Bend. IN 46617 St. Joseph 026 (South Bend-Portage)
Descnption of Real Property Improvements,Redevelopment or Rehabilitation(use addd'onal sheets if necessary) Estimated Start Date(month,day,year)
See attached sheet. (Parcels 71-08-12-130-002.000-026; 06/01/2026
F sfinated Completion Date(ni xifl i.day year)
71-08-12-130-011 .000-026) 06/30/2029
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES FROM PROPOSED PROJECT
Current Number Salanes Number Retained Salanes Number Additional Salanes
0 $0 0 $0 15 $750,000
SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current Values 0 $26,200
(*)Plus Estimated Values of Proposed Project $50,000,000 $30,000,000
(-)Less Values of Any Property Being Replaced 0 $26,200
Net Estimated Values upon Completion of Protect $50,000,000 $30,000,000
SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER
Estimated Solid Waste Converted(pounds) 0 f stimated Hazardous Waste Converted(pounds) 0 -
Other Benefits
SECTION 6 TAXPAYER CERTIFICATION
I hereby certify that the representations in this schedule are true
Signa*ure of Authorized Representative / , > Date SIn e I(month r dzrz.gar)
•
Pnnted Name of Authonzed Representative Title
Frank Perri Managing Member
facie I of 2
FOR USE OF THE DESIGNATING BODY
We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body Said resolution.passed or to be passed
under IC 6-1 1 12 I, provides for the following limitations
A The designated area has been limited to a period of time not to exceed 6 calendar years' (see below) The date this designation
expires is 12/31/2029 NOTE This question addresses whether the resolution contains an expiration date for the designated area
B The type of deduction that is allowed in the designated area is limited t
1 Redevelopment or rehabilitation of real estate improvements ./ Yes _No
2- Residentially distressed areas Yes No
3 New agricultural improvement Yes No
C The amount of the deduction is limited to$N/A
D Other limitations or conditions(specify) N/A
E Number of years allowed
Year 4 Year 5 'see
Year 1 Year 2 Year 3 ( below)
❑ ❑ ❑ ❑ ❑ Ili
Q Year 6 ❑Year 7 ❑Year 8 ❑Year 9 ❑Year 10
F For a Statement of Benefits approved after June 30,2013.did this designating body adopt an abatement schedule per IC 6-1 1-12.1-17?
Q 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 authonzed member of designating body) Telephone Number Date Signed(month.day;year)
(574)
Pnnted Name of Authonzed Member of Designating Body Name of Designating Body
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
In accordance with IC 6-1 1-12 -17,where the Form SB-1/Real Property was approved after June 30,2013, the designating body is required to
establish an abatement schedule for each deduction allowed The deduction period should be as follows
A For residentially distressed areas,the deduction period may not exceed ten(10)years
B For the redevelopment or rehabilitation of real property,the deduction period may not exceed ten(10)years
C For a new agricultural improvement,the deduction period may not exceed five(5)years
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 taxpayers investment in real 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 taxpayers investment
(5)In the case of a deduction for new farm equipment or new agricultural improvement,an agreement by the deduction applicant to
predominately use the area for agncultural purposes for a period specified by the designating body
(b) This subsection applies to a statement of benefits approved after June 30,20'13 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 subsection(d)and section 18 of this chapter,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 taxpayers statement of benefits
(d)An abatement schedule for new farm equipment or new agricultural improvement may not exceed five(5)years
Page 2 of 2
Statement of Benefits: Real Estate Improvements
Taxpayer: Wharf Partners LLC
Location of Property: 312-318 E. Colfax Avenue, South Bend, IN 46617
Parcels: 71-08-12-130-002.000-026; 71-08-12-130-011.000-026
Description of Real Property Improvements:
The development includes approximately 30,189 square feet of planned commercial
space, currently planned for floors 1, 2, and 3. All commercial space in the development
will be eligible for abatement.
The development will also include at least 22 for-sale condominiums. The
condominiums will be 2, 3, and 4 bedrooms, and will range from 1550 to 3429 square
feet. Each condominium will be eligible for tax abatement while owned by the developer,
who is also the taxpayer. The abatement on each individual condominium will expire
when it is sold to a third party.
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