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Home My WebLink About2023-10-09 Department of Community Investment (Bills 23-60 & 23-61)Department of Community Investment October 9, 2023 CITY OF SOUTH BEND DEPARTMENT OF COMMUNITY INVESTMENT Agenda: Bill No. 23-60 – A Resolution Confirming the Designation of 542 N. Scott St and 430 Cottage Grove Ave., South Bend, Indiana for a two- year (2) Vacant Building Tax Abatement for Property Bros. LLC Bill No. 23-61 – A Resolution Confirming the Designation of 542 N. Scott Street, 430 Cottage Grove and 616 Sherman Ave., South Bend, Indiana for an eight-year (8) Real Property Tax Abatement for Property Bros. LLC CITY OF SOUTH BEND DEPARTMENT OF COMMUNITY INVESTMENT Resolution for Confirming the Vacant Building Tax Abatements 542 N. Scott St.430 Cottage Grove Ave. CITY OF SOUTH BEND DEPARTMENT OF COMMUNITY INVESTMENT Resolution for Confirming the Multi-Family Residential Real Property Tax Abatements 542 N. Scott St.430 Cottage Grove Ave. 616 Sherman Ave. CITY OF SOUTH BEND DEPARTMENT OF COMMUNITY INVESTMENT Confirming Resolutions: Bill Nos. 23-60 & 23-61 Resolution for Confirming the Designation of Tax Abatements for 542 N. Scott St., 616 Sherman Ave. & 430 Cottage Grove Ave. Vacant Building Tax Abatement (2 years) and Multi-Family Residential Property Abatement •Dubbed ‘the Legacy Project’, this new development is focused on providing high-quality affordable housing in the NNN. •Total private investment of $930,000 •Renovate existing, vacant properties into affordable multi- family units •Develop a new affordable multi-family unit •Project outcome: At least seven (7) new affordable housing units in the NNN •Create one (1) PT employee to manage and maintain properties. Hourly rate of $40-$50, ‘on call’ and paid per job. CITY OF SOUTH BEND DEPARTMENT OF COMMUNITY INVESTMENT Confirming Resolutions: Bill Nos. 23-60 & 23-61 Resolution for Confirming the Designation of Tax Abatements for 542 N. Scott St., 616 Sherman Ave. & 430 Cottage Grove Ave. Tax Summary Vacant Building Tax Abatement - Lowers tax liability for existing taxes •Current annual combined taxes: $2,721 ($5,443 over abatement period) •Combined taxes abated over abatement period: $2,006 •Estimated total combined taxes to be paid during abatement: $3,436 Multi-Family Residential Development Real Property Tax Abatement (8 years) •Current combined estimated annual taxes: $3,054 •Estimated combined annual taxes after project: $20,808 •Total estimated combined taxes during the abatement period: $166,466 •Total estimated taxes being abated: $107,675 •Total estimated taxes to be paid: $58,791