Bill No. 23-39 Real America Development LLC CONFIRMING Mixed-Use 8 yr. Real Property Tax Abatement-504 S. Lafayette Blvd.

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Mixed-Use Development Real Property Tax Abatement for RealAmerica Development, LLC DATE: June 21, 2023 On June 5, 2023, a petition for tax abatement was filed by RealAmerica Development, LLC, for a market-rate apartment building with offices. The building is part of the Diamond View Apartments project, a low-income housing project that will be located at 504 and 520 S. Lafayette Boulevard in South Bend. The project consists of two buildings: (1) an affordable housing building and (2)a market-rate apartment building with offices. On June 12, 2023, the Common Council passed a Reconfirming Resolution for the affordable housing building. At this time, the Council also passed a Declaratory Resolution for the market- rate building with offices. Taken together, the resolutions reconfirm and modify the 2021 abatement the Common Council passed in support of the project. 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 petition (a copy is attached), investigated the area, and makes the following report. Project Summary • RealAmerica Development, LLC, is a vertically integrated, WBE-certified development company primarily focused on the state of Indiana. RealAmerica Development, LLC, is the developer of the Diamond View Apartments project. • In January 2023, the Indiana Housing & Community Development Authority awarded RealAmerica Development, LLC, tax credits for the project. The South Bend Common Council passed a multi-family residential development real property tax abatement in July 2021 as part of a support package for RealAmerica's efforts to secure low-income housing tax credits from the State. • Diamond View Apartments is a mixed-income development with (1) a 60-unit affordable housing building targeting households earning 30% to 60% of the area median income and (2) a 60-unit market rate building with offices. Each building will be roughly 80,000 square feet. • A portion of the affordable housing building's community space will be dedicated to LOGAN Community Resources, Inc. for staff offices and community employment such as a café or art studio/showroom for their clients.