07-12-2021 FINAL Agenda Packet - Laserfiche WebLink

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June 23, 2021 CITY OF SOUTH BEN COMMUNITY INVESTMENT Council Member Rachel Tomas Morgan, Chairperson Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 4660 I RE: Multi-Family Real Property Tax Abatement Petition for: Real America Development LLC Dear Council Member Tomas Morgan: Please find the attached information pertaining to a multi-family real property tax abatement petition submitted by Real America Development LLC to build a new building on S Lafayette Blvd., South Bend. The site has been vacant and underutilized for many years. As a side note, this proposed abatement is part of a support package partnering with Real America for an Indiana Tax Credit application. You may recall similar abatements last year for Commonwealth at the Fat Daddy's site and Mutual Homes for a scattered site application. Unfortunately neither of those projects were selected by the Indiana Housing and Community Development Authority for tax credits. Likewise, this proposed abatement will only go into effect if this Real America project is chosen by IHCDA in this year's competitive Tax Credit application round. This petition package includes: ►Department of Community Investment's summary report►Petition►Statement of Benefits form►Supporting information. The report contains the Department's findings relative to the above petition. The petitioner proposes to complete 127 units of mixed income development with a 60-unit apartment building, targeting households earning less than 60% of area median income, a 60-unit market rate building, and 7 market rate townhouses. The project meets the qualifications for an eight-year (8) multi-family real property tax abatement and a representative from the company will be available to meet with the Committee on Monday, June 28, 2021. Should you or any of the other Committee or Council members have any questions concerning the report, or need additional information, please feel free to email or call me at 235-5823. Sincerely, Daniel J. Buckenmeyer Director of Business Development EXCELLENCE ACC OUNTABILITY INN OVATION INCLUSION EMPOWERMENT 1400S County-City Building 227 W. Jefferson Blvd. South Bend. Indiana 46601 p 574.235.9371 www.southbendin.gov BILL NO. 21-41