PSA - Four (4) Month Recast Boost for Target Jurisdiction and Property - Recast City LLC

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and companies, are increasingly seeking out as prices escalate in major metropolitan areas. Business owners are choosing South Bend on purpose —and they want to be near downtown. Additionally, there is evidence of a recent influx of young adults who grew up in South Bend returning to the city. Civic spirit and the "creative sandbox." The community shows key traits that suggest that this may be a great moment for South Bend. The phrase, "We are our own cavalry" came up a number of times. People believe and are ready to act —momentum is building. Both the public and private sectors are willing to try new things right now and see South Bend as a great "sandbox" in which to experiment. A number of people and businesses are actively taking risks and creating something completely new (LangLab, Vested Interest, Sew Loved, Sibley Building, Invanti, and all their partners/tenants). 4. Social capital is strong. There is significant social capital among people who have lived in the area for a long time or attended Notre Dame, and to some degree within specific populations. Alumni do business together, Latino neighborhood business owners lend to each other, and many partnerships grow out of high school friendships. 5. Business infrastructure is growing. A strong philanthropic community is engaged and currently focused on poverty alleviation. Education and training programs include Ivy Tech, Career Academy, Tech Step, and the Excel Center. Spark and SCORE provide help to local small businesses including manufacturing. City leadership. The City is implementing a number of supportive policies. The existing incentives, including Tax Increment Financing (TIF), the Industrial Revolving Loan Fund (IRF), facade improvement grants, and property tax abatement provide support for business growth and redevelopment projects. In many cases the City can defray up to 15% of building renovation costs for a private sector investor —key in a lower priced market. City policies are under review to add artisan manufacturing, makerspaces, and commercial shared kitchens as allowable uses in an update to zoning code. The City is already working to create a CDFI-friendly program which could provide key loans for small business investment and small commercial property purchases by business owners. Additionally, the City is working to understand the disparity of procurement in government contracting. 7. Existing regional foundation for manufacturing business. Manufacturing is still an important part of the regional economy, and this provides both demand for the output of m