Bill No. 23-06 Tax Abatement Property 536 S. Main St SB, IN 46601

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Employment Impact SoMA Capital LLC is an entity created with the intent of rehabilitating the property for which this abatement applies and adjacent properties. The organization does not have any current employees. Upon completion of the apartment building's rehabilitation, management of the building will be handled by the owners directly given their broad experience in building management (or indirectly with a third-party organization experienced in apartment management). This apartment building will require maintenance professionals, a property manager, and landscape services. The larger project, which incorporates land adjacent to the apartment building,will have an estimated 25 full-time employees upon its completion. The larger project will include the creation of an entrepreneur hub/co-working space along with a commissary kitchen and multiple small retail/entertainment spaces. Abatement Qualification 1. A review of the tax abatements previously granted, finds that the petitioner has certain partners who have been granted previous abatements on other properties and all have been satisfactorily maintained, administered and in compliance. a. Five-year(5) real property tax abatement; Resolution No. 4622-17; March 2017 2. The property is properly zoned for the proposed project. 3. Taxes on the property have been paid in full. 4. A review of the South Bend Redevelopment designation areas finds that the property is in the River West Development Area. 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications for a (8) eight-year multi-family residential real property tax abatement under Division 2 (Residential Development Real Property Tax Abatement), Section 2-77 Multi-Family Residential Developments). IF!: ' . " - -^'T{fice FEb •Z 2 ND DAWN M.JONES CITY CLERK, SOUTH BEND,IN 2