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• ftf <br /> CITY OF SOUTH BENu <br /> �� = Filed in Clerk's Office <br /> COMMUNITY INVESTMENT <br /> JUN 2 1 2023 <br /> June 21, 2023 DAWN M.JONES <br /> CITY CLERK,SOUTH BEND,IN <br /> Council Member Rachel Tomas Morgan <br /> Chairperson, Community Investment Committee <br /> South Bend Common Council <br /> 4th Floor, County-City Building <br /> South Bend, Indiana 46601 <br /> RE: Declaratory Resolution: Multi-Family Development Real Property Tax Abatement <br /> Petition for KCG Companies, LLC <br /> Dear Council Member Tomas Morgan: <br /> Please find the enclosed information pertaining to a multi-family development real property tax <br /> abatement petition submitted by KCG Companies, LLC, a Florida Limited Liability Company. <br /> The petitioner plans to construct a new affordable apartment building at 1202 S. Lafayette <br /> Boulevard. This proposed abatement is part of a support package partnering with KCG <br /> Companies, which is applying for rental housing tax credits through the Indiana Housing & <br /> Community Development Authority(IHCDA). The abatement will go into effect only if this project <br /> is chosen by IHCDA in this year's competitive Tax Credit application round. <br /> This petition package includes: <br /> • Department of Community Investment's summary report <br /> • Petition for abatement <br /> • Statement of Benefits form (SB-1 / Real Property) <br /> • Supporting information <br /> The report contains the Department's findings relative to the above-mentioned petition. The <br /> petitioner proposes to complete a 50-unit multi-family affordable housing development <br /> consisting of 30 one-bedroom and 20 two-bedroom units. Rents would be a mix of 60 percent, <br /> 50 percent, and 30 percent of the Area Median Income (AMI)with eight (8) units offering <br /> Project-Based Vouchers. A representative from KCG Companies, LLC, will be available to meet <br /> with the Committee on Monday, June 26, 2023. <br /> If you or any of the other Council members have questions concerning the report or need <br /> additional information, please feel free to call me at(574) 235-5838. <br /> Sincerely, <br /> Erik Glavich <br /> Director, Growth and Opportunity <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> 14005 County-City Building 227W.Jefferson Blvd. South Bend.Indiana 46601 p 574.235.9371 www.southbendin.gov <br />