Bill No. 23-37 Herstoric Properties LLC CONFIRMING South 516 Michigan St, SB, IN 6 yr Real Property tax abatement

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Vacant Building Tax Abatement and Mixed-Use Development Real Property Tax Abatement for Herstoric Properties, LLC DATE: June 7, 2023 On June 5, 2023, a petition for tax abatement from Herstoric Properties, LLC, was filed with the Office of the City Clerk. The petition seeks consideration for(1) a vacant building abatement and (2) a mixed-use development real property tax abatement for the historic Monarch Printing Building located at 516 S. Michigan Street in South Bend. Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South Bend, the petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to Indiana Code 6 1.1-12.1 and all zoning requirements have been met. The Department of Community Investment has reviewed the, investigated the area, and makes the following report. Project Summary • The developer, Herstoric Properties, LLC, plans to rehabilitate the abandoned Monarch Printing Building on South Michigan Street south of Monroe Street. Built in 1921, the building has been vacant for at least a decade. Herstoric Properties, LLC, purchased the property earlier this year. • The building was declared a City of South Bend Local Landmark in 1995 by the Common Council (Ordinance No. 8630-95). • The renovation project will be conducted in two phases: o Phase 1 will be to renovate and activate the first floor commercial spaces. When leasing the space, Herstoric Properties, LLC, will focus on local, small businesses that employ and/or serve the neighbors of Monroe Park. o Phase 2 will involve renovating and leasing the second floor as residential apartments. The petitioner plans to offer affordable rental rates to all tenants— commercial and residential—as their mission is to keep barriers low for tenants and businesses to participate and thrive in the community and economy. • Total private investment for the project is$570,000.