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

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Tax Estimates Vacant Building Tax Abatement: The petitioner qualifies for a two-year(2) vacant building tax abatement. • Current estimated annual taxes: $10,693 o Until EmpowerHer Development, LLC, purchased the building last year, the building was tax exempt because it was owned by Hope Ministries. • Estimated taxes being abated during the abatement period: $10,268 • Estimated total taxes to be paid during the abatement period: $11,119 Mixed-Use Development Real Property Tax Abatement: The petitioner qualifies for an eight- year (8) mixed-use development real property tax abatement. • Current estimated annual taxes: $10,693 • Estimated annual taxes after the project's completion: $39,150 • Total estimated taxes during the eight-year (8) abatement period: $313,196 o Estimated taxes being abated during the abatement period: $93,722 o Estimated total taxes to be paid during the abatement period: $219,474 Abatement Qualification 1. A review of the tax abatements previously granted finds that the petitioner has not been granted or is associated with a previous abatement. o Two of the three co-owners of EmpowerHer Development, LLC, also own Herstoric Properties, LLC, which in June 2023 received both a vacant building tax abatement and a six-year(6) mixed-use development real property tax abatement for the Monarch Printing Building, which is located at 516 S. Michigan Street and is immediately north of the Hope Rescue Mission building. Confirming Resolution No. 5035-23 (vacant building tax abatement)and Confirming Resolution No. 5034-23 (mixed-use development real property tax abatement)were both adopted by the Common Council on June 26, 2023. 2. The property is properly zoned for the proposed project. 3. Taxes on the property have been paid in full. 4. A review of the South Bend Redevelopment designation areas finds that the property is in the River West Development Area. 2