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Department of Community Investment,City of South Bend
<br /> Part 4: New Tax Abatements Confirmed by the Common Council - 2024 15 New Tax Abatements
<br /> Real Property
<br /> Confirming Confirming Estimated Annual Estimated Ctlmuledve cumulative Announced
<br /> Announced Payroll Square Number of
<br /> Petition Years Estimated Total Pre-AbatementFootageNew HousingCostJobs
<br /> Date Number Improvement (Abatement Yr 1) Taxes Abated Taxes Paid Jobs Increase Units
<br /> Nexus Center 12/6/2023 1/8/2024 5064-24 9 $ 800.000 $ 521.700 $ 17.736 $ 1.161.700 $ 102.180 $ 253.269 0 10 $ 400.000 0 0
<br /> Momentum South 3/6/2024 4/192024 5071-24 8 $ 6,343,000 $ 615,600 $ - $ 4,348,700 $ 834,273 $ 348,469 0 67 $ 3,025,720 0 0
<br /> Bend(510 S.Main St.)
<br /> Steel Warehouse 4/3/2024 4/22/2024 5078-24 6 $ 4.950.000 8 848.700 $ 26.531 $ 2.884.000 $ 213.288 $ 372,280 21 11 $ 566.134 30.852 0
<br /> Expansion -
<br /> Single-Family Home-
<br /> Cross Community Inc. 5/8/2024 5/28/2024 5080-24 5 $ 270,000 $ 4,300 $ 146 $ 220,300 $ 7,633 $ 5,620 0 0 $ - 1,600 1
<br /> (728 Harrison Ave.)
<br /> 711-713 Leland 7/17/2024 8/12/2024 5088-24 6 $ 450,000 $ 94,500 $ 2.720 $ 244,500 $ 30.939 $ 40.314 0 6 $ 180.000 1.900 2
<br /> Rehabilitation _
<br /> Property Bros LLC
<br /> (Lincoln Way West& 9/18/2024 10/14/2024 5094-24 8 $ 360,250 $ 6,600 $ 223 $ 157,800 $ 25,443 $ 4,653 0 0 $ - 1,760 2
<br /> Sherman Ave.)
<br /> Property Bros LLC 9/18/2024 10/14/2024 5094-24 8 5 360.250 $ 4.900 $ 166 $ 156.100 $ 25.763 $ 4.008 0 0 $ - 1.760 2
<br /> (618 Sherman Ave.)
<br /> -
<br /> Property Bros LLC 9/18/2024 10/14/2024 5094-24 8 $ 360,250 $ 2,700 $ 91 $ 153,900 $ 26,178 $ 3,174 0 0 $ - 1,760 2
<br /> (619ShermanAve.)
<br /> Property Bros LLC 9/18/2024 10/14/2024 5094-24 8 $ 360.250 $ 4,900 $ 166 $ 156,100 $ 25.763 $ 4,008 0 0 $ - 1 760 2
<br /> (620 Sherman Ave.) _ ,
<br /> DoubieTree
<br /> Renovation 10/9/2024 10/28/2024 5100-24 9 $ 13,467,737 $ 9,250.100 $ 313,023 $ 13,250,100 $ 122,112 $ 3,913,338 110 5 $ 160,000 0 0
<br /> (Downtown)
<br /> Spenner Garage
<br /> Rehabilitation(321 W. 10/9/2024 10/28/2024 5098-24 10 $ 2.674.399 $ 137,000 $ 4,636 $ 1,636,700 $ 471,248 $ 82,713 3 20 $ 713.600 0 0
<br /> Wayne Street)
<br /> Hope Rescue Building 11/20/2024 12/92024 5106-24 8 $ 1.631,500 $ 316,000 $ 10,693 $ 1,156,900 $ 93,722 $ 219,474 3 8 $ 400,000 0 0
<br /> (530 S.Michigan St.)
<br /> Hope Rescue Building 11/20/2024 12/9/2024 5105-24 2 $ $ 316,000 $ 10,693 $ 1.156,900 $ 10,268 $ 11.119 0 0 $ - 0 0
<br /> (530 S.Michigan St.)
<br /> __.
<br /> _ $ 32,027,636 $ 12,123,000 $ 386,824 $ 26,683,700 $ 1,988,810 $ 5,262,439 137 127 $ 5,445,454 41,392 11
<br /> Current Avg.Annual Taxes: $ 29.756 Av9.Annual Taxes WI Abatement: _$ 55.394 Min.Affordable Units: 8
<br /> Avg.After Abatements Expire: $ 76,329
<br /> June 13,2025
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