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REGULAR MEETING MAY 8, 2017
<br /> SOUTH BEND, INDIANA COMMONLY
<br /> KNOWN AS 121 SOUTH ST. JOSEPH ST.,
<br /> SOUTH BEND, IN 46601 AS AN ECONOMIC
<br /> REVITALIZATION AREA FOR PURPOSES OF
<br /> A NINE (9) YEAR REAL PROPERTY TAX
<br /> ABATEMENT FOR JSK DEVELOPMENT,
<br /> INC./SOUTHHOLD, LLC
<br /> Councilmember Karen White made a motion to hear Bills No. 17-21 and 17-22 together.
<br /> Councilmember Gavin Ferlic seconded the motion which carried by a voice vote of nine (9)
<br /> ayes.
<br /> 17-22 A RESOLUTION RECONFIRMING THE
<br /> ADOPTION OF A DECLARATORY
<br /> RESOLUTION 4456-15 DESIGNATING
<br /> CERTAIN AREAS WITHIN THE CITY OF
<br /> SOUTH BEND, INDIANA, COMMONLY
<br /> KNOWN AS 111 SOUTH ST. JOSEPH ST.,
<br /> SOUTH BEND, IN 46601 AS AN ECONOMIC
<br /> REVITALIZATION AREA FOR PURPOSES OF
<br /> A TWO (2) YEAR VACANT BUILDING TAX
<br /> ABATEMENT FOR JSK DEVELOPMENT,
<br /> INC./SOUTHHOLD, LLC
<br /> Councilmember Gavin Ferlic, Chair of the Community Investment Committee, reported that they
<br /> met this afternoon and send this bill forward with a favorable recommendation.
<br /> Jacob Alexander, Department of Community Investment, with offices on the 14th Floor of the
<br /> County-City Building, served as presenter of this bill. Mr. Alexander stated, The purpose of this
<br /> tax abatement: construction of a full-service, national brand, one-hundred and forty (140)room
<br /> hotel and connecting annex to the College Football Hall of Fame. The Hall of Fame will become
<br /> a multi-use, owner-occupied property which will house all the support services for the new hotel,
<br /> such as reception, restaurants, etc, as well as the new home for the JSK Development corporate
<br /> offices. $9,252,000 investment in new building construction and building expansion and
<br /> connection with the Hall of Fame. Total project taxes due in nine (9) year abatement period:
<br /> $2,410,716. Estimated taxes being abated during nine (9) year abatement period: $945,911. Total
<br /> taxes to be paid during the abatement period: $1,464,805. For Bill No. 17-22: vacant property tax
<br /> abatement. The purpose is for the construction of a full service, national brand hotel with one-
<br /> hundred and forty (140) rooms, a connecting annex to the former College Football Hall of Fame.
<br /> The Hall of Fame will be a multi-use, owner-occupied property which will house all the support
<br /> services for the new hotel. $9,250,000 investment in new building construction and building
<br /> expansion and connection with the Hall of Fame. Total project taxes during the two (2) year
<br /> abatement period: $173,745.28. Estimated taxes being abated during the two (2) year abatement
<br /> period: $107,783.53. Total taxes to be paid during the two (2) year abatement period:
<br /> $65,961.75.
<br /> Dan Boecher, JSK Development, LLC, South Bend, IN, served as the petitioner of this bill. Mr.
<br /> Boecher stated that JSK's investment is thirty percent (30%)higher than they originally stated it
<br /> would be. He stated, We worked with City staff on a new design that caused some delays, and I
<br /> think that you're all going to be really pleased with the final product. We are excited to get that
<br /> going and to have that open within this year. That is the Courtyard by Marriott that's coming
<br /> online late in 2017. The Hall of Fame is kind of coming alongside of that. That property is still
<br /> evolving. We have several opportunities that we're dealing with right now and look forward to
<br /> be able to go into more detail in the coming months about those future uses for the Hall of Fame,
<br /> including the corporate office for JSK, if the whole building user that we are currently looking at
<br /> does not pan out. Good things are coming.
<br /> This being the time heretofore set for the Public Hearing on the above bill, proponents and
<br /> opponents were given an opportunity to be heard.
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