24-39 Designating Resolution - 530 South Michigan Street Vacant Building Tax Abatement

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<,0"--`1. STATEMENT OF BENEFITS 2024 PAY 20 25 "_'p VACANT BUILDING DEDUCTION FORM SB-1/VBD State Form 55182(R2/1-21) Prescribed by the Department of Local Government Finance PRIVACY NOTICE This statement is being completed for real property that qualifies as an"eligible vacant building"as defined by The cost and any specific individual's IC 6-1.1-12.1-1(17). salary information is confidential;the balance of the filing is public record per IC 6-1.1-12.1-5.1(c)and(d). INSTRUCTIONS: 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted to the designating body BEFORE the occupation of the eligible vacant building for which the person wishes to claim a deduction. 2. To obtain a vacant building deduction,a Form 322NBD must be filed with the county auditor before May 10 in the year in which the property owner or his tenant occupies the vacant building or not later than thirty(30)days after the assessment notice is mailed to the property owner if it was mailed after April 10. If the property owner misses the May 10 deadline in the initial year of occupation,he can apply between January 1 and May 10 of a subsequent year. 3 A property owner who files the Form 322/VBD must provide the county auditor and the designating body with a Form CF-1NBD to show compliance with the approved Form SB-1NBD. The Form CF-1NBD must also be updated each year in which the deduction is applicable. SECTION 1 TAXPAYER INFORMATION Name of taxpayer EmpowerHer Development, LLC Address of taxpayer Number and Street: 530 S. Michigan Street city: South Bend State: IN ZIP: 46601 Name of contact person Telephone number E-mail address First Name: Jasmine t.astNamc: Bradley (574) 413-0081 inspire@thedreamcollectiveinc.org SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body 'Resolution number Common Council of the City of South Bend Location of property County DLGF taxing district number Number and Street: 530 S.Michigan Street City:southeend State: IN ZIp:46601 St. Joseph 026(South Bend-Portage) Description of eligible vacant building that the property owner or tenant will occupy(use additional sheets if necessary). Estimated occupancy date(month,day,year) Long vacant commercial 2-story building built in 1923 that used to be home 9/1/2025 to the Hope Rescue Mission. Estimated date placed-in-use(month,day,year) 9/1/2027 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS A RESULT OF PROPOSED PROJECT Current Number Salaries $ 90,000 Number Retained 3 Salaries $ 90,000 Number AdditionalSalaries $ 400'000 SECTION ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values $35,000 $227,100 Plus estimated values of proposed project $1,401,500 $840,900 Less values of any property being replaced $o $o Net estimated values upon completion of project $1,436,500 $1,068,000 SECTION 5 EFFORTS TO SELL OR LEASE VACANT BUILDING Described efforts by the owner or previous owner to sell lease,or rent the building during period of vacancy The current owner purchased the building in December 2023. In its current state, it is inhabitable and in dire need of repair. Show amount for which the building was offered for sale,lease,or rent during period of vacancy. n/a List any other benefits resulting from the occupancy of the eligible vacant building. Rehabilitate a long vacant building to provide shared resources for local food entrepreneurs, including an accessible,affordable commercial kitchen space with hands-on business resources.Additionally,there will be a food market and a boutique hotel.The combination of supporting small businesses, improving food access, and adding new amenities in an underserved but central area of downtown will make the area a hub for growth and inclusivity, contributing to the long-term economic vitality of South Bend. SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized representative Title Date signed(month,day,year) �61.9itlYt2 '4 Co- Owner 11/20/2024 o Page 1 of 2