Substitute Bill No. 24-01 Correcting Scrivener's Error: Peak and Assest Management LLC

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CITY OF SOUTH BEND COMMUNITY INVESTMENT January 4, 2024 Council Member Sharon McBride President South Bend Common Council County -City Building, 4th Floor South Bend, Indiana 46601 Council Member Troy Warner Chairperson Community Investment Committee South Bend Common Council County -City Building, 41h Floor South Bend, Indiana 46601 RE: SUBSTITUTE Bill No. 24-01 — Resolution Correctinq Scrivener's Error: Retail Development Real Property Tax Abatement Petition for Peak Investment and Asset Management LLC Dear President McBride and Council Member Warner, Please find the enclosed SUBSTITUTE Bill No. 24-01, which is a resolution correcting a scrivener's error in Resolution No. 5031-23, a Declaratory Resolution adopted by the Common Council on June 26, 2023, and Resolution No. 5040-23, the subsequent Confirming Resolution adopted by the Council on July 10, 2023. Collectively, these two resolutions provide a real property tax abatement for a retail development by Peak Investment and Asset Management LLC. The enclosed resolution will supersede a similar resolution adopted by the Common Council on August 28, 2023. The August 2023 Resolution was not finalized and enacted because of an error in its numbering —it was assigned a bill number that was previously used. This substitute serves to repeat the content of the August 2023 Resolution, and we ask that this Council re - approve the August 2023 Resolution in its entirety, rather than renumber the Resolution as proposed in the original bill filed with the Clerk's office on January 3. The development receiving the abatement will consist of two retail buildings and a parking lot over three parcels at the corner of Portage Avenue and Elwood Avenue. Unfortunately, the abatement resolutions adopted by the Council included only one of the parcels and inadvertently and in error excluded the other two parcels. The new resolution to be presented to Council for consideration will add the two parcels to the abatement and correct the error. If you or any of the other Council members have questions concerning the report or need additional information, please feel free to call me at (574) 235-5838. Sincerely, Filed in Clerk's Office _ JAIv 0 4:2024 Erik Glavich Director, Growth and Opportunity CITYCLERK, SOUTH BEND, I EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT 1400S County -City Building 1227 W. Jefferson Blvd. I South Bend, Indiana 466011 p 574.235.9371 I www.southbendin.gov