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111 <br /> *,...q0 <br /> Ig a Filed in Clerk's Office <br /> ,L.7 .N\\,, <br /> CITY OF SOUTH BEND- <br /> ... MAR o s Zola <br /> ` _ ` PEACE865J :' COMMUNITY INVESTMENT Brk, Souirado <br /> K City Clerk, South Bend, IN <br /> March 6, 2024 <br /> Council Member Troy Warner <br /> Chairperson, Community Investment Committee <br /> South Bend Common Council <br /> County-City Building, 4th Floor <br /> South Bend, Indiana 46601 <br /> RE: Declaratory Resolutions: Mixed-Use Development Real Property Tax Abatement for <br /> Momentum Development Group, LLC <br /> Dear Council Member Warner, <br /> Please find the enclosed information pertaining to a tax abatement petition submitted by <br /> Momentum Development Group, LLC, an Indiana Limited Liability Company. This petition <br /> package includes: <br /> • Department of Community Investment's summary report <br /> • Petition for abatement <br /> • Statement of Benefits forms (SB-1 / Real Property) <br /> • Supporting information <br /> The report contains the Department's findings relative to the above-mentioned petition. The <br /> petitioner intends to redevelop the property at 510 S. Main Street into an entrepreneurship hub <br /> with co-working spaces, commercial kitchen, and retail space. The building has been vacant for <br /> several years and was previously owned by the Salvation Army before the City acquired the <br /> property in 2019. <br /> The total investment for this project is $6,343,000. The project meets the qualifications for an <br /> eight-year (8) mixed-use development real property tax abatement. <br /> A representative from Momentum Development Group, LLC, will be available to meet with the <br /> Committee on Monday, March 11, 2024. <br /> If you or any of the other Council members have questions concerning the report or need <br /> additional information, please feel free to call me at (574) 235-5838. <br /> Sincerely, ___ ___ <br /> Erik Glavich <br /> Director, Growth and Opportunity <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> 14005 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 wwwsouthbendin.gov <br />