25-06 Designating Resolution - Vacant Building Tax Abatement for 635 South Main Street

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TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Joseph Molnar, Director, Assistant Growth and Opportunity SUBJECT: Vacant Building Real Property Tax Abatement Petition for Studebaker Admin QOZB LLC DATE: January 22, 2025 On January 22, 2025, a petition for tax abatement from Studebaker Admin QOZB LLC was filed with the Office of the City Clerk. The petition seeks consideration for a vacant building tax abatement for property 635 S. Main Street in south downtown 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 petitioner, Studebaker Admin QOZB LLC, intends to stabilize the former Studebaker Administration Building which has been vacant and deteriorating for the past two decades. • The project will consist of stabilizing the building—including replacing the roof and all windows—to preserve it from further deterioration and potential demolition. • Private investment for this project is approximately $920,000. • By saving this historic structure, the petitioner is ensuring its future redevelopment potential, which will incentivize additional investment into the south edge of downtown South Bend. Employment Impact Per this petition and supporting material, it is estimated that the project will create temporary construction jobs. Tax Estimates The petitioner qualifies for a two-year (2) vacant building development tax abatement.