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• Total investment by RealAmerica for the two buildings is nearly$20.6 million. <br /> Employment Impact <br /> • RealAmerica Development, LLC, estimates that that Diamond View Apartments project <br /> will create an estimated four(4)full-time positions with an estimated total annual payroll <br /> of$200,000. <br /> Tax Estimates <br /> The petitioner qualifies for an eight-year(8) mixed-use development real property tax abatement <br /> for the market-rate building with offices. <br /> • Current taxes are zero—property is owned by the City of South Bend. <br /> • Estimated annual taxes after the project's completion: $70,635 <br /> • Total estimated taxes during the eight-year(8) abatement period: $565,085 <br /> o Estimated taxes being abated during the abatement period: $302,475 <br /> o Estimated total taxes to be paid during the abatement period: $262,610 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has been <br /> granted or is associated with the following previous abatements. <br /> • Resolution No. 4535-16 (3/14/16): Ten-year(10) real property tax abatement for <br /> the LaSalle Apartments Rehabilitation. This resolution reconfirmed Declaratory <br /> Resolution No. 4327-14 (3/10/14) after RealAmerica Development, LLC, <br /> assumed ownership of the LaSalle Apartments at 237 N. Michigan Street. <br /> RealAmerica Development, LLC, sold the building in June 2022. <br /> • Resolution No. 4922-21 (7/12/21): Eight-year(8) multi-family development real <br /> property tax abatement for the Diamond View Apartments project. This <br /> abatement was reconfirmed by the Common Council on June 12, 2023, for the <br /> affordable housing building (Reconfirming Resolution No. 5023-23). <br /> 2. The property is properly zoned for the proposed project. <br /> 3. Taxes on the property have been paid in full. <br /> 4. A review of the South Bend Redevelopment designation areas finds that the property is <br /> in the River West Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for an eight-year(8) mixed use development real property tax <br /> abatement under Division 5 (Mixed Use Development Real Property Tax Abatement). <br /> 2 <br />