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25-06 Designating Resolution - Vacant Building Tax Abatement for 635 South Main Street
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25-06 Designating Resolution - Vacant Building Tax Abatement for 635 South Main Street
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1/22/2025 12:28:41 PM
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TAX ABATEMENT REPORT <br /> TO: South Bend Common Council <br /> FROM: Joseph Molnar, Director, Assistant Growth and Opportunity <br /> SUBJECT: Vacant Building Real Property Tax Abatement Petition <br /> for Studebaker Admin QOZB LLC <br /> DATE: January 22, 2025 <br /> On January 22, 2025, a petition for tax abatement from Studebaker Admin QOZB LLC was filed <br /> with the Office of the City Clerk. The petition seeks consideration for a vacant building tax <br /> abatement for property 635 S. Main Street in south downtown South Bend. <br /> Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South <br /> Bend, the petition was referred to the Department of Community Investment for purposes of <br /> investigation and preparation of a report determining whether the area qualifies as an Economic <br /> Revitalization Area pursuant to Indiana Code 6 1.1-12.1 and all zoning requirements have been <br /> met. <br /> The Department of Community Investment has reviewed the petition, investigated the area, and <br /> makes the following report. <br /> Project Summary <br /> • The petitioner, Studebaker Admin QOZB LLC, intends to stabilize the former Studebaker <br /> Administration Building which has been vacant and deteriorating for the past two <br /> decades. <br /> • The project will consist of stabilizing the building—including replacing the roof and all <br /> windows—to preserve it from further deterioration and potential demolition. <br /> • Private investment for this project is approximately $920,000. <br /> • By saving this historic structure, the petitioner is ensuring its future redevelopment <br /> potential, which will incentivize additional investment into the south edge of downtown <br /> South Bend. <br /> Employment Impact <br /> Per this petition and supporting material, it is estimated that the project will create temporary <br /> construction jobs. <br /> Tax Estimates <br /> The petitioner qualifies for a two-year (2) vacant building development tax abatement. <br />
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