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ffiled it Clerk's Offi, <br />AUG 9 2020 <br />L <br />L)ANiN M. JONES <br />CITY CLERK, SOUTH BEND It, <br />CITY OF SOUTH BEND <br />COMMUNITY INVESTMENT <br />August 19, 2020 <br />Council Member Jake Teshka, Chairperson <br />Community Investment Committee <br />South Bend Common Council <br />4th Floor, County City Building <br />South Bend, IN 46601 <br />RE: Residential Real Property Tax Abatement Petition for: Commonwealth Development Corporation <br />of America <br />Dear Council Member Teshka: <br />Please find the attached information pertaining to a multi -family real property tax abatement petition <br />submitted by Commonwealth Development Corporation of America to build a new building at 505- 513 <br />Michigan Street. The site has been vacant and underutilized for many years. This petition package includes: <br />➢ Department of Community Investment's summary report <br />➢ Petition <br />➢ Statement of Benefits form <br />➢ Supporting information. <br />The report contains the Department's findings relative to the above petition. The petitioner proposes to <br />complete 60 units of one- and two-bedroom apartments for seniors. The estimated project cost is <br />$8,741,520. The project meets the qualifications for a (9) nine-year real property tax abatement and a <br />representative from the company will be available to meet with the Committee on Monday, August 24, <br />2020. <br />Should you or any of the other Council members have any questions concerning the report, or need <br />additional information, please feel free to call me at 235-5823. <br />Sincerely, <br />Daniel Buckenmeyer <br />Director Business Development <br />EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br />14005 County -City Building 227W. Jefferson Blvd. South Bend, Indiana 46601 p574,235.9371 ww .southbendin.gov <br />