07-27-15 Common Council Meeting Minutes

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REGULAR MEETING JULY 27, 2015 WHEREAS, a Declaratory Resolution designated the area commonly known as Southeast corner of Adams Rd and Dylan Dr, South Bend, IN 46628 and which is more particularly described as follows: Nw 1/4 Sec 17 -38 -2E Ex Irr Tract Nw Cor & Ex 1.717 Ac to State & Ex 7 Ac +- for N/S Rd & Ex 10.5 Ac +- Parcel 800' N of S Line & E of N/S Rd 06/07 Split to 014601 & 014602 16442CWD 1 -19 -06 Annxd 06 -07 per Ord #9587 -05 Split off 10.073 ac 07 -08 for Ptg Prairie Minor pt of Lot 1& 09/10 7.413ac to Ptg Prairie Minor #2 & 10/11 8.15 ac to Ptg Prairie Minor #3 and which has Key Number 025- 1009 -0146 be designated as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons and Ak WHEREAS, the Council revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED Bend, Indiana, as follows: SECTION I. The Common Council area described herein as an Economic designation is for Real Property tax a the date of adoption of the Declaratoqj SECTION II. The Common and is granted a real proper attachment oundfiffifibibludia of I and Common economic of South Resolution designating the es of tax abatement. Such (2) calendar years from iereby det ines th property owner is qualified for auction fo i (8) eight years as shown by the x-1.1- 12.1 -1 er determines that the petition, the etik6tion er and the City of South Bend, and the Statement the Municipal Code of the City of South Bend in full force and effect from and after its adoption by the Mayor. Member of the Common Council Presenter: Brock Zeeb, Department of Community Investment, Offices on the 14" floor — Before you is a closed construction of a 200,000 sq. ft. spec building. You will recall approving that with a favorable recommendation to the Redevelopment Commission in the last meeting. This is the continued tax abatement and confirming resolution for that same project. They propose to build a $7 million new building with total taxes to be created over the eight (8) year period of $1,882,000. Estimated taxes to be abated over the eight (8) year period will be $724,000. Total taxes to be paid over the eight (8) year period is $1,157,000. Brock Zeeb referred to a diagram, this is the breakdown of how that project will be paid back to the city. If it took the first two (2) payments or the first (2) years where the building set vacant it would be a seven (7) year return on investment. The petitioner is here to speak on the project if you have any questions. Petitioner: Richard Deal, Barnes & Thornburg 100 N. Michigan St., South Bend— I am pleased to be joined with Jeff Smoke, the Director of Development of Great Lake Capital. Just to give you a brief overview of this project, as the Council will recall this is a confirming resolution for a 15