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"-="• STATEMENT OF BENEFITS <br /> 2024 PAY2025_ <br /> ( REAL ESTATE IMPROVEMENTS <br /> State Form 51767(R7/1-21) FORM SB-1/Real Property <br /> is Prescribed by the Department of Local Government Finance PRIVACY NOTICE <br /> This statement is being completed for real property that qualifies under the following Indiana Code(check one box): Any information concerning the cost <br /> E Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4) of the property and specific salaries <br /> paid to individual employees by the <br /> ❑ Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per <br /> IC 6-1.1-12.1-5.1. <br /> INSTRUCTIONS: <br /> 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires <br /> information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise, this statement must be <br /> submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. <br /> 2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of <br /> the redevelopment or rehabilitation for which the person desires to claim a deduction. <br /> 3. To obtain a deduction,a Form 322/RE must be filed with the county auditor before May 10 in the year in which the addition to assessed valuation is <br /> made or not later than thirty(30)days after the assessment notice is mailed to the property owner if it was mailed after April 10. A property owner who <br /> failed to file a deduction application within the prescribed deadline may file an application between January 1 and May 10 of a subsequent year. <br /> 4. A property owner who files for the deduction must provide the county auditor and designating body with a Form CF-1/Real Property. The Form CF-1/Real <br /> Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable. <br /> IC 6-1.1-12.1-5.1(b) <br /> 5. For a Form SB-1/Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each <br /> deduction allowed. For a Form SB-1/Real Properly that is approved prior to July 1, 2013, the abatement schedule approved by the designating body <br /> remains in effect. IC 6-1.1-12.1-17 <br /> SECTION 1 TAXPAYER INFORMATION <br /> Name of taxpayer Momentum Development Group, LLC <br /> Address of taxpayer <br /> Number and Street: P.O. Box 815 City: South Bend State: IN ZIP: 46624 <br /> Name of contact person Telephone number E-mail address <br /> First Name: Mark Last Name: Neal (574) 339-9406 mneal@bradleyco.com <br /> SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT <br /> Name of designating body Resolution number <br /> Common Council of the City of South Bend <br /> Location of property County DLGF taxing district number <br /> Number and Street: 510 S. Main Street city.South Bend State: IN Zip:46601 St. Joseph 026(South Bend-Portage) <br /> Description of real property improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year) <br /> Redevelopment of a 1954 downtown building previously owned by the Salvation Army. Building will be made into an 5/1/2024 <br /> Entrepreneurship hub with co-working spaces,commercial kitchen,and retail space.Work will include restoration of Estimated completion date(month,day,year) <br /> the brick facade,new windows,and wholly new infrastructure of plumbing, electric, and HVAC systems. 4/30/2025 <br /> SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT <br /> Current Number0 Salaries` 0 Number Retained 0 Salaries $ 0 Number Additional Salaries <br /> $IW: 67 $ 3,025,720 <br /> SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT <br /> REAL ESTATE IMPROVEMENTS <br /> COST ASSESSED VALUE <br /> Current values $1,000 $577,000 <br /> Plus estimated values of proposed project $6,343,000 $3,733,100 <br /> Less values of any property being replaced $0 $0 <br /> Net estimated values upon completion of project $6,344,000 $4,310,100 <br /> SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER <br /> Estimated solid waste converted(pounds) 0 Estimated hazardous waste converted(pounds) 0 <br /> Other benefits <br /> SECTION 6 TAXPAYER CERTIFICATION <br /> I hereby certify that the representations in this statement are true. <br /> Signature of authorized representative Date signed(month,day,year) <br /> 2/27/2024 <br /> Printed name of authorized resentative Title <br /> Mark W Neal Member <br /> Page 1 of 2 <br />