Bill No. 23-38 Herstoric Properties LLC CONFIRMING South 516 Michigan St, SB, IN 2 yr. Vacant Building tax abatement

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Herstoric Properties, LLC 614 South Saint Joseph Street South Bend, IN 46601 JTJ E RSTO RI C (574) 300-8041 DEVELOPMENT charity.herdevelopment@gmail.com June 12, 2023 Honorable Council Members, Herstoric Properties is seeking a tax abatement for our mixed-use building located at 516 S. Michigan Street. We are seeking both the vacant building abatement for the building's current vacant status, and an abatement for the planned improvements that will be completed over the next few years. This project will result in over$500,000 of investment in the South Bend area, support job creation and economic growth through the establishment of versatile commercial spaces, and provide additional affordable residential rental units in a downtown neighborhood. This building is owned by Charity Stowe and Rachel Mospan, the co-owners of Herstoric Development. We are small developers, focused on investing in the Monroe Park neighborhood of South Bend. We have observed that often, development of neighborhoods is done without consideration for the existing community and resources already residing in the area. Old buildings are torn down, replaced with new construction, and residents are displaced for wealthier tenants or homeowners who can afford the freshly gentrified locale. This often leads to the destruction of existing community, culture, buildings, and land and does not provide long-term residents a chance to benefit from said improvements. We believe we can succeed with a different approach. In Monroe Park, our goal is to enhance the beauty and function of the neighborhood while honoring the history and preserving the culture that already exists. We do this by working with neighbors to identify needs and leveraging resources available in the community. In our businesses, we are committed to making a concerted effort to engage with minority and female entrepreneurs and small business owners for positions within our company and when assembling our support team of experts in accounting, legal, architecture, marketing, and so on. When it comes to our rentals, we seek to provide affordable spaces,facilities, and amenities attuned to the local community and their needs. This property, known as the Monarch Printing Co. building, is designated as a local historic landmark in South Bend. While it is in need of repair, it remains an excellent example of Neo- Classical style with many original features intact. The building plays an important role in an area that is significant as one of South Bend's only remaining commercial districts from the period of