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

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Erik Glavich, Director, Growth and Opportunity SUBJECT: Vacant Building Tax Abatement and Mixed-Use Development Real Property Tax Abatement for EmpowerHer Development, LLC DATE: November 20, 2024 On November 20, 2024, a petition for tax abatement from EmpowerHer Development, LLC, was filed with the Office of the City Clerk. The petition seeks consideration for (1) a vacant building tax abatement and (2) a mixed-use development real property tax abatement for the historic former Hope Rescue Mission Building located at 530 S. Michigan Street in South Bend. Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South Bend, the petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to Indiana Code 6 1.1-12.1 and all zoning requirements have been met. The Department of Community Investment has reviewed the petition, investigated the area, and makes the following report. Project Summary • The developer, EmpowerHer Development, LLC, plans to rehabilitate the abandoned former Hope Rescue Mission Building on South Michigan Street. Built in 1923, the building has been vacant for a number of years. EmpowerHer Development, LLC, purchased the property late last year. • The renovation project will consist of renovating the building to become a shared resource for local food entrepreneurs by establishing an affordable commercial kitchen space and hands-on resources. Also, the building will be renovated with a section consisting of a food market and a boutique hotel. • Total private investment for the project is $1,631,500. Employment Impact • EmpowerHer Development, LLC, plans to retain 3 full-time employees. • Once the renovation is completed and the entire space is active, the petitioner estimates that businesses located in the renovated spaces could hire approximately 8 new employees with an estimated average wage of$25 per hour.