Bill No. 23-58 Resolution Designating (8 YR) Real Property Tax Abatement for 542 N. Scott St., 430 Cottage Grove Ave., & 616 Sherman Ave._Property Bros LLC

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CITY OF SOUTH BEND COMMUNITY INVESTMENT September 20, 2023 Council Member Rachel Tomas Morgan Chairperson, Community Investment Committee South Bend Common Council County-City Building, 4th Floor South Bend, Indiana 46601 RE: Declaratory Resolutions (2): Vacant Building Tax Abatement and Multi-Family Residential Development Real Property Tax Abatement for Property Bros LLC Dear Council Member Tomas Morgan: Please find the enclosed information pertaining to a tax abatement petition submitted by Property Bros LLC, an Indiana Limited Liability Company. This petition package includes: •Department of Community Investment's summary report •Petition for abatement •Statement of Benefits forms (SB-1 / VBD and SB-1 / Real Property) •Supporting information The report contains the Department's findings relative to the above-mentioned petition. The petitioner intends to (a) renovate vacant residential properties at 542 N. Scott Street and 430 Cottage Grove Avenue and (b) build a new two-unit residential building at 616 Sherman Avenue. The buildings on Scott Street and Cottage Grove Avenue have been vacant for several years. The total investment for this project is $930,000. The project meets the qualifications for two abatements: a two-year (2) vacant building tax abatement and an eight-year (6) residential development real property tax abatement. A representative from Property Bros LLC will be available to meet with the Committee on Monday, September 25, 2023. If you or any of the other Council members have questions concerning the report or need additional information, please feel free to call me at (574) 235-5838. Erik Glavich Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 14005 County-City Building 227W. Jefferson Blvd. South Bend, Indiana 46601 p 574.235.9371 www.southbencl,n.gov BILL NO. 23-58