25-01 Designating Resolution - Real Property Tax Abatement 225 South Michigan Street and 229 South Michigan Street

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Filed in Clerk's Office TAX ABATEMENT REPORT - Bianca Tirado TO: South Bend Common Council City Clerk, South Bend, IN FROM: Joseph Molnar, Assistant Director, Growth and Opportunity SUBJECT: Mixed-Use Development Real Property Tax Abatement Petition for RSPG Global Consulting LLC DATE: January 8, 2025 On January 8, 2025, a petition for tax abatement from RSPG Global Consulting LLC was filed with the Office of the City Clerk. The petition seeks consideration for a mixed-use development real property tax abatement for property at 225, 227, & 229 S. Michigan Street commonly known as the City Center Building 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 petitioner, RSPG Global Consulting LLC, proposes to renovate the Center City Building into a mixed-use project. The project seeks to reactivate the building known as Center City Place. This includes restoring the historic facade, completing extensive repairs and renovations, and filling the building with active businesses • The project will consist of renovating the full 38,000 sq. feet building into a mixed use development. Private investment into this project is approximately $5,825,000. • The project will greatly contribute to the vitality of south downtown South Bend and increase foot traffic for the entire area. Employment Impact Per this petition and supporting material, it is estimated that the company will create: • Upon completion of the current building's rehabilitation and conversion, at least eleven (11) new full-time jobs with an estimated total annual payroll of$800,800.