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O <br />ld CITY OF SOUTH BEND <br />w ia <br />mar` COMMUNITY INVESTMENT <br />K lHwd 2 o cal <br />City Clerk, South Bend, IN <br />8165 <br />March 20, 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: Confirming Resolution: Mixed-Use Development Real Property Tax Abatement <br />Petition for the Momentum Development Group, LLC <br />Dear Council Member Warner, <br />Please find the enclosed Confirming Resolution and Memorandum of Agreement for a mixed- <br />use development real property tax abatement for Momentum Development Group, LLC, an <br />Indiana Limited Liability Company. The petitioner plans to redevelop the property at 510 S. Main <br />Street into an entrepreneurship hub with co-working spaces, commercial kitchen, and retail <br />space. The building has been vacant for several years and was previously owned by the <br />Salvation Army before the City acquired the 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 25, 2024. <br />Should you or other Council members have questions about the report or need additional <br />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 />1400S County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov <br />Bill No. 24-08