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25-11 Confirming Resolution - Personal Property Tax Abatement for 445 North Sheridan Street
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25-11 Confirming Resolution - Personal Property Tax Abatement for 445 North Sheridan Street
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2/5/2025 10:06:52 AM
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(--------riie Filed in Clerk's Office <br /> ', CITY OF SOUTH BEND IU i. <br /> �` ~ F_ COMMUNITY INVESTMENT Brk, Souirado <br /> K ;, / City Clerk, South Bend, IN <br /> _�tsis: <br /> February 4, 2025 <br /> Council Member Troy Warner <br /> Chairperson, Community Investment Committee <br /> South Bend Common Council <br /> County-City Building, 4th Floor <br /> South Bend, Indiana 46601 <br /> RE: Confirming Resolutions (2): Industrial Property Tax Abatement for GLC Sheridan, LLC <br /> and Personal Property Abatement for GTA Containers, LLC <br /> Dear Council Member Warner, <br /> Please find the enclosed Confirming Resolutions and supporting information pertaining to a tax <br /> abatement petition jointly submitted by GLC Sheridan, LLC, an Indiana Limited Liability Company <br /> and GTA Containers, LLC, also an Indiana Limited Liability Company. This petition package <br /> includes: <br /> • Department of Community Investment's summary report <br /> • Petition for abatement <br /> • Statement of Benefits forms (SB-1 / Real Property) <br /> • Statement of Benefits forms (SB-1 / Personal Property) <br /> • Supporting information <br /> The report contains the Department's findings relative to the above-mentioned petition. GLC <br /> Sheridan, LLC, intends to expand the facility located at 445 N. Sheridan Street, which will be leased <br /> to GTA Containers, LLC, through a triple net lease. GTA Containers has been a local employer and <br /> manufacturer since 1988, and due to market shifts, need to expand into this new space. GLC <br /> Sheridan, LLC, is requesting a real property tax abatement in support of the project. <br /> GTA Containers will also need to purchase new manufacturing equipment to support this growth and <br /> is requesting a personal property tax abatement. The total investment for this project is $11,992,250 <br /> and will generate an additional 15 FTEs with a combined annual salary of$1,040,000. The project <br /> meets the qualifications for an eight-year(8) mixed-use development real property tax abatement, <br /> and a five-year(5) personal property tax abatement. <br /> A representative from GLC Sheridan, LLC, and GTA Containers, LLC will be available on Monday, <br /> February 10, 2025. If you or other Council members have questions about the report or need <br /> additional information, please feel free to call me at(574)235-5836. <br /> Sincerely, J). <br /> iritik 1 1 <br /> Mark Bemenderfer <br /> Manager Business Development <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> 14005 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov <br />
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