Bill No. 23-40 Advantix Development Corporation Declaratory Res. Multi-Family Development Real Property Tax Abatement - Multiple Properties

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Multi-Family Development Real Property Tax Abatement for Advantix Development Corporation DATE: June 21, 2023 On June 21, 2023, a petition for tax abatement was filed by Advantix Development Corporation for a low-income housing project that will result in brand-new infill housing throughout 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 petitions(a copy of each is attached), investigated the area, and makes the following report. Project Summary • Formed in 2007, Advantix Development Corporation serves as the not-for-profit development instrument of the Evansville Housing Authority. Its mission is to own, operate, acquire, and develop housing for low to moderate-income families. Since 2007, Advantix has served as developer and general contractor for both 4% and 9% Low Income Housing Tax Credit development projects. Advantix works with local jurisdictions to develop several types of affordable housing in Indiana and surrounding areas. • Advantix is proposing to build 50 affordable housing units consisting of a mix of single- family homes, duplexes, and townhomes. The project will use the City's pre-approved housing plans. • This is a scattered site project—which will provide much needed infill housing—on 35 different City-owned parcels, all of which are currently vacant • Advantix is competing for Low Income Housing Tax Credits (LIHTC) with the Indiana Housing & Community Development Authority (IHCDA). Project completion is contingent upon receiving a satisfactory LIHTC award. • If the project proceeds, Advantix has committed over$14 million to this project. Employment Impact • Upon completion of the project, Advantix will create two (2)full-time positions with an estimated annual payroll of$80,000.