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CITY OF SOUTH BEND OFFICE OF THE CITY CLERK <br /> properties at 619 Sherman Avenue, 620 Sherman Avenue, and 12011/2 - 1023`/z Lincoln Way <br /> West. This project will enable the petitioner to construct four duplexes at a cost of one point four <br /> million dollars ($1,400,000). The Council approved tax abatements for Property Bros in 2023. <br /> Currently, the vacant lots generate only six hundred and forty-six dollars ($646) in annual taxes, <br /> but following the project, they are estimated to yield a combined annual tax revenue of fourteen <br /> thousand eight hundred and seventy-four dollars ($14,874). During the abatement period,the <br /> total estimated taxes would amount to one hundred eighteen thousand nine hundred and ninety <br /> dollars ($118,990), with one hundred and three thousand one hundred forty-seven dollars <br /> ($103,147) in taxes abated and fifteen thousand eight hundred forty-three dollars ($15,843)to be <br /> paid. <br /> Committee Chair Warner held the public hearing, and nobody spoke. <br /> Committee Member Sherry Bolden-Simpson motioned to send Bill No. 24-31 to the Full Council <br /> with a favorable recommendation, which was seconded by Committee Vice-Chair Rachel Tomas <br /> Morgan and carried by a vote of five (5) ayes with one (1) committee member abstaining. <br /> Committee Chair Troy Warner-Aye Committee Vice Chair Rachel Tomas Morgan—Aye <br /> Committee Member Ophelia Gooden Rodgers -Aye Committee Member Sherry Bolden-Simpson—Aye <br /> Committee Member Kaine Kanczuzewski -Aye Committee Member Thomas Gryp-Abstain <br /> Bill No. 24-32—Designating Resolution —Real Property Tax Abatement 321 West Wayne <br /> Street <br /> Erik Glavich, Director of Growth and Opportunity on the 14th floor of the County-City building, <br /> stated that the space, formerly known as the "Spenner Garage," has been vacant for some time. <br /> Currently owned by Historic Hearthstone LLC, the 17,000-square-foot property aims to undergo <br /> rehabilitation to transform it into a family-oriented restaurant with entertainment, as well as <br /> office spaces for Indiana Landmarks and South Bend Tradeworks. Indiana Landmarks will retain <br /> its three (3) current employees, while South Bend Tradeworks operates with volunteers. The <br /> restaurant is expected to create twenty (20) full-time positions, offering an hourly wage of <br /> seventeen dollars and eighty-four cents ($17.84).The estimated taxes after the project would be <br /> fifty-five thousand three hundred ninety-six dollars ($55,396). <br /> Regina Emberton, petitioner at 615 West Colfax Avenue, South Bend, IN 46601, stated that she <br /> purchased the property in February and is excited to transition it from its previous use as <br /> automotive space to a restaurant and office space. The lower level will be converted into the <br /> restaurant area, which will be known as Ivy Alley Brewhouse and will feature duck pin <br /> bowling—an exciting addition that is unique to the region. <br /> Committee Member Ophelia Gooden-Rodgers asked why the abatement is for ten(10)years. <br /> Eric Glavich stated that the ten-year(10)period is intended for the city to implement a more <br /> aggressive and longer tax abatement strategy that aligns with city match-up policies. <br /> Committee Vice-Chair Tomas Morgan Rachel Tomas Morgan asked if the project would be able <br /> to move forward if it were not awarded READI grant funds. <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> 455 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p.574.235.9221 f.574.235.9173 www.southbendin.gov <br />