2024 - Annual Tax Abatement Report

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CITY OF SOUTH BEND COMMUNITY INVESTMENT Cumulative job creation goals have been exceeded. Below are the reported job numbers from abatement recipients who have begun receiving the benefits of their abatements. Real property abatement recipients who are receiving the benefits of their abatement committed to 1,932 jobs and have achieved 2,624 jobs. This includes a reported 835 new jobs, which slightly exceeded the planned 833 new jobs. Personal property abatement recipients who filed Form CF-1 reported 723 jobs, exceeding the 614 jobs to which they committed. The staff reviewed annual CF-1 forms submitted by the tax abatement recipients and found that 65 abatements are fully compliant, and 14 abatements are considered substantially in compliance. Reasons the abatements were considered substantially in compliance were due to reported investment or job numbers not achieving the estimates that were provided by the petitioner at the time the abatement was granted. One abatement recipient was determined to be noncompliant. Six personal property tax abatement recipients did not file Form CF-1. Attached you will find the detailed elements of the City of South Bend 2024 Tax Abatement Annual Report. The report is split into four parts: • Part 1 — Real Property Tax Abatement Summary. List of companies granted a real property tax abatement and receiving an assessed valuation deduction during tax year 2024 (pay 2025); shows completion of a project and investment amount; details the employment impact and Form CF-1 / Real Property compliance of the abatements. • Part 2— Personal Property Tax Abatement Summary. List of companies granted a personal property tax abatement and receiving an assessed valuation deduction during tax year 2024 (pay 2025); shows completion of a project and investment amount; details the employment impact and Form CF-1 / PP compliance of the abatements. • Part 3— Local Companies/Minority Contractors & Minority Employees. Data as reported by abatement recipients in accordance with South Bend Municipal Code Sec. 2-84.13.2 • Part 4— New Tax Abatements Confirmed by the Common Council. List of all projects for which the Common Council confirmed tax abatements in 2024. 2 Sec. 2-84.13 requires the number of minority persons hired since the completion of the project for which the abatement was given and the names of local and/or minority contractors used for the project. Section 2-76.1 of the Municipal Code recognizes the following minority groups: All persons classified as Black, Hispanic, Asian and Pacific Islander, American Indian, or Alaskan Native. 2