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'r I:, <br /> _ \ CITY OF SOUTH BEN b _— <br /> Filed ire GIeFI 's Office <br /> COMMUNITY INVESTMENT <br /> JUN 1 <br /> X023 <br /> [7AWN M,1C1N� <br /> June 21, 2023 CITY CLERK,Sqd ENI ,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: Confirming Resolutions (2): Vacant Building Tax Abatement and Mixed-Use <br /> Development Real Property Tax Abatement for Herstoric Properties, LLC <br /> Dear Council Member Tomas Morgan: <br /> Please find the enclosed information pertaining to a tax abatement petition submitted by <br /> Herstoric Properties, LLC, an Indiana Limited Liability Company. This petition package includes: <br /> • Department of Community Investment's summary report <br /> • Letter from the petitioner providing an overview of the project <br /> • Petition for abatement <br /> • Statement of Benefits forms(SB-1 /VBD and SB-1 / Real Property) <br /> • Supporting information <br /> The report contains the Department's findings relative to the above-mentioned petition. The <br /> petitioner intends to renovate the Monarch Printing Building, a local historic landmark <br /> located at 516 S. Michigan Street in South Bend. The building has been vacant for over a <br /> decade. <br /> The total private investment to rehabilitate the building is $570,000. The project meets the <br /> qualifications for two abatements: a two-year(2) vacant building tax abatement and a six-year <br /> (6) mixed-use development real property tax abatement. <br /> A representative from Herstoric Properties, LLC, will be available to meet with the Committee on <br /> 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 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov <br />