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11-27-17 Council Minutes
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11-27-17 Council Minutes
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City Council - City Clerk
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Council Mtg Minutes
City Counci - Date
11/27/2017
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REGULAR MEETING November 27, 2017 <br /> REVITALIZATION AREA FOR PURPOSES OF <br /> A(6) SIX-YEAR REAL PROPERTY TAX <br /> ABATEMENT FOR RIVER PARK LEASING <br /> CORPORATION <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 /> Dan Buckenmeyer, Director of Business Development for the Department of Community <br /> Investment, with offices on the 14th floor of the County-City Building, South Bend, IN, served as <br /> the presenter of this bill. Mr. Buckenmeyer stated, We are here to launch the revitalization of the <br /> block immediately south of this building. What used to be a fully developed downtown block is <br /> now a sea of parking, and we are looking to change that. The northeast corner of the block was <br /> home to the Hotel Jefferson for most of the 1900s. In 1979,that four (4) story structure was <br /> demolished to make way for a Hardy's, only to be demolished itself in 2000. Since then and for <br /> almost the past two (2) decades, that corner of the block has sat vacant. It is owned by the City <br /> but is generating no revenues or benefits for our citizens. We are thrilled to present an <br /> opportunity to avoid this situation happening for another decade or two (2). The Department of <br /> Community Investment is recommending the approval of a resolution to designate that corner as <br /> an economic revitalization area to aid in the revitalization of that block, and provide an assessed <br /> value deduction or tax abatement to the property in order to incent and enable this exciting and <br /> important property in question. The property in question will actually sit on the parcel that <br /> includes only the eastern most half of the lot and the City will maintain ownership of the western <br /> half of the lot in anticipation of incenting and activating future development. This will be the <br /> first new downtown South Bend office building or development in about twenty (20) years. It <br /> also sits on a meaningful artery between downtown and the ballpark. The proposed building <br /> includes high-end retail with four(4) floors of Class-A office space above. It would be five (5) <br /> stories and 3,800 square feet in total. When we evaluate opportunities to support economic <br /> development in the City of South Bend, the top two (2) of the many factors we look at are the <br /> levels of private investment and job creation. This building's expected $9 million price tag <br /> represents significant private investment whilst also representing significant risk. It is important <br /> to note that this is a new SPEC Building. The retail space is not contracted at this point. We are <br /> in an era of high construction costs which also increases the risk. Known and committed job <br /> creation will stem from this project. The owner has committed to creating fifteen (15) new jobs <br /> with a payroll of$750,000 per year. In addition to those jobs, we anticipate there will be <br /> significant indirect job creation resulting from the activation of ground floor retail and the other <br /> offices. We, the City, are selling the parcel to the developer for$50,000. The owner of the <br /> development citied that, "The recent revitalization of down town South Bend is an impetus for <br /> his decision to locate here." We are thrilled to present this opportunity to the Council and hope <br /> you are equally as excited. This property has sat idle and made no contributions to the tax rolls <br /> for decades. The Department of Community Investment staff recommends to the Council the <br /> approval of this resolution for a real property tax abatement at one hundred percent (100%) for <br /> six(6)years. When the abatement does finish, the property is expected to generate up to about <br /> $250,000 in tax revenues. <br /> Jeff Smoke, Great Lakes Capital, 112 W. Jefferson Boulevard, South Bend, IN, served on behalf <br /> of the petitioner of this bill. Mr. Smoke stated, We are pretty excited about this project. It is the <br /> first office building built in down town South Bend in a number of years. <br /> Councilmember Oliver Davis asked, Could you talk about any key environmental benefits the <br /> owner plans to do with the building? Will you be going after LEAD Certifications? <br /> Mr. Smoke replied, We are looking at all those facets and, given the cost to this new office <br /> building construction, the most environmentally friendly thing we can do is to make it energy <br /> efficient. We are definitely utilizing the latest technology for that but are also looking into green <br /> roofs. <br /> Councilmember Jo M. Broden asked, Was there an independent appraisal analysis for the land <br /> value? <br /> 13 <br />
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