Bill 16-13 Tax Abatement extension for LaSalle Apartments LLC

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227 W. JEFnRsoNBomEVARD STATE 1400 S. SouTH BEND, IN 46601.1830 March 3, 2016` CITY OF SOUTH BEND PETE BUTTImIw, MAYOR COMMUNITY INVESTMENT SCOTT FORD, EXECUTIVE DIRECTOR Council Member Gavin Ferlic, Chairperson Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 46601 PHONE: 574/235 -9371 Fnx: 574/235 -9021 RE: Real Property Tax Abatement Extension for: The LaSalle Apartments, LLC Dear Council Member Ferlic: On March 10, 2014, Great Lakes Capital Development was granted declaratory resolution number 4327 -14 for a 10 year real property tax abatement for work to be completed at The LaSalle Hotel. Confirming resolution number 4330 -14 was passed on March 24, 2014. The project never materialized and RealAmerica Development, LLC, operating as The LaSalle Apartments, LLC, purchased the property and began revitalization work to the building. On January 21, 2015, Real America Development, LLC was granted the transfer of the original abatement. Per Section V of the original resolution #4327 -14: "The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council." Due to the transfer of the original abatement, the work will not be completed during the two year window, as noted above. The project is currently scheduled to be completed in September 2016. We kindly request a one (1) year extension be granted, enabling the work to be completed and for the abatement to remain active. A representative from Real America Development LLC will be available to meet with the Committee on March 14, 2016. Should you or any of the other Council members have any questions concerning the report, or need additional information, please feel free to call me at 235 -5823. s Sincerely, Filed in Clerk's Office Aaron Kobb I Director Economic Resources MAR 0 9 2016 KrRREEMAH FOWL IL