24-40 Designating Resolution - 530 South Michigan Street Real Property Tax Abatement

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"A'' STATEMENT OF BENEFITS 2024 PAY 2025 1 REAL ESTATE IMPROVEMENTS S\ 41 State Form 51767(R7l 1-21) FORM SB-1 I Real Property 1 Prescribed by the Department of Local Government Finance PRIVACY NOTICE This statement is being completed for real property that qualifies under the following Indiana Code(check one box): Any information concerning the cost of the property and specific salaries 0 Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12.1-4) paid to individual employees by the ❑ Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per IC6-1.1-12.1-5.1. 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 redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. 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 the redevelopment or rehabilitation for which the person desires to claim a deduction. 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 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 failed to file a deduction application within the prescribed deadline may file an application between January 1 and May 10 of a subsequent year. 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 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. IC 6-1.1-12.1-5.1(b) 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 deduction allowed. For a Form SB-1/Real Property that is approved prior to July 1, 2013, the abatement schedule approved by the designating body remains in effect. IC 6-1.1-12.1-17 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 Nnnw. 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 Number and Street City State ZIP County DLGF taxing district number 530 S. Michigan Street South Bend IN 46601 St. Joseph 026(South Bend-Portage) Description of real property improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year) Rehabilitate a long vacant building to provide shared resources for local food entrepreneurs, 9/1/2025 including an accessible, affordable commercial kitchen space with hands-on business resources. Estimated completion date(month,day,year) Additionally,there will be a food market and a boutique hotel. 9/1/2027 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number Salaries Number Retained Salaries Number Additional Salaries 3 $90,000 3 $90,000 8 $400,000 SECTION 4 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 $0 $0 Net estimated values upon completion of project $1,436.500 $1,068,000 SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) 0 Estimated hazardous waste converted(pounds) 0 Other benefits 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 Date signed(month,day,year) )(asinine Bra4 Qeit 11/20/2024 Printed name of authorized representative Title Jasmine Bradley Co-Owner Page 1 of 2