Bill No. 23-49 Confirming Res., 1144 Corby Blvd., SB., IN 10 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: Mixed-Use Development Real Property Tax Abatement Petition for Five Corners LLC DATE: July 5, 2023 On June 30, 2023, a petition for tax abatement from Five Corners LLC was filed with the Office of the City Clerk. The petition seeks consideration for a mixed-use development real property tax abatement for property at the northeast corner of Eddy Street/State Route 23 and Campeau 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 petition, investigated the area, and makes the following report. Project Summary • The petitioner, Five Corners LLC, has partnered with HP Irish Corners LLC (a Holladay Properties entity)to build a mixed-use project. The project is being developed by HP Irish Corners LLC on a ground lease structure with Five Corners LLC. • The project will consist of 108 residential apartments, four(4)for-sale condominiums, and 5,000 square feet of retail space. Private investment into this project is approximately $31.5 million. • The project will greatly contribute to the walkable urban community south of Notre Dame's campus. Employment Impact • By the end of 2024, the petitioner anticipates to create five (5)full-time jobs with an estimated annual payroll of$348,600. • By the end of 2025, the petitioner anticipates to create nine (9)total full-time jobs with an estimated annual payroll of$602,200. This includes the jobs created in 2024.