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��rrt <br /> CITY OF SOUTH BEND <br /> -V/ COMMUNITY INVESTMENT <br /> 1865 <br /> February 19, 2025 Filed in Clerk's Office <br /> Council Member Troy Warner <br /> Chairperson, Community Investment Committee <br /> South Bend Common Council Bianca Tirado <br /> County-City Building, 4th Floor City Clerk, South Bend, IN <br /> South Bend, Indiana 46601 <br /> RE: Declaratory Resolutions (2): Vacant Building Tax Abatement and Mixed-use Development <br /> Real Property Tax Abatement for Penny Hill Homes LLC <br /> Dear Council Member Warner, <br /> Please find the enclosed Declaratory Resolutions and supporting information pertaining to a tax <br /> abatement petition submitted by Penny Hill Homes LLC, an Indiana Limited Liability Company. This <br /> petition package includes: <br /> • Department of Community Investment's summary report <br /> • Petition for abatement <br /> • Statement of Benefits forms (SB-1/Real Property &SB-1NBD) <br /> • Supporting information <br /> The report contains the Department's findings relative to the above-mentioned petition. Penny Hill <br /> Homes intends to rehabilitate the building located at 425 S. Michigan Street, known as the Inwoods <br /> Building. The building has been vacant since 1999,and Penny Hill Homes will renovate and <br /> reactivate the space with the intent of proving a mixture of commercial spaces and an "art market" <br /> for artists and small businesses. <br /> The petitioner seeks both a real property tax abatement and a vacant building abatement, the latter <br /> of which will abate existing taxes and provide additional capital that can be dedicated to the project. <br /> The total investment for this project is$1.44 million. The project meets the qualifications for a two- <br /> year(2)vacant building tax abatement and a ten-year(10) mixed-use development real property tax <br /> abatement, both in accordance with Section 2-84 of the municipal code. <br /> A representative from Penny Hill Homes LLC will be available on Monday, February 24, 2025. If you <br /> or other Council members have questions about the report or need additional information, please <br /> feel free to call me at(574)235-5838. <br /> Sincerely, <br /> Erik Glavich <br /> Director, Growth and Opportunity <br /> EXCELLENCE ACCOUNTABILITY INNOVATION I INCLUSION I EMPOWERMENT <br /> 14005 County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov <br />