05-23-2022 Community Investment Minutes

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OFFICE OF THE CITY CLERK DAWN M. JONES, CITY CLERK Community Investment Committee May 23, 2022, 4:20 P.M. Committee Members Present: Rachel Tomas Morgan (in person), Eli Wax (in person), Kaine Kanczuzewski (in person), Thomas Kurzhal (Virtual) Committee Members Absent: Henry Davis Jr. Other Council Present: Karen White, Sheila Niezgodski, Lori Hamann Other Council Absent: Canneth Lee, Troy Warner, Sharon McBride Others Present: Dawn Jones Presenters: Caleb Bauer Agenda: Bill No. 22-21: Resolution Designating Intersection of Dylan Dr. & Adams Rd.- Tax Abatement. Full audio dialogue of the meeting is available upon request from the City Clerk's Office. Committee Chair Rachel Tomas Morgan called to order the Community Investment Committee meeting at 4:20 p.m. Clerk Dawn Jones responded with roll call of four (4) present. Committee Chair Tomas Morgan requested for the petitioner. Caleb Bauer, Acting Executive Director of Community Investment, offices located on the 14a' floor. Bauer requested approval for a $15.3 -million -dollar private investment in a Spec Warehouse Building. Bauer stated the project will produce fifty to two hundred (50-200) indirect jobs due to speculative build, however, petitioner cannot commit to a specific job number. This is a seven (7) year abatement program, and the approved plan will result $1.8 -million dollars in abated taxes with a net tax above six hundred and eighty-eight thousand dollars. ($688,000.00). Community Chair Tomas Morgan requested questions from committee members. Committee Member Eli Wax inquired about the current property tax. Caleb Bauer responded with fifteen hundred dollars ($1,500.00) as a property tax. Committee Member Wax inquired about the annual tax. EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT 455 County -City Building. 227W.Jefferson Bvo South Bend, Indiana 46601 Ip 574.235.9221 f574.235.9173 TTD574.235.5567. wsnv.southbendin.gov