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Home My WebLink About09-23-2024 Community Investment Meeting MinutesOFFICE OF THE CITY CLERK BIANCA L. TIRADO, CITY CLERK COMMUNITY INVESTMENT Committee Members Present: Committee Members Absent: Others Present: Presenter( s): Agenda: SEPTEMBER 23, 2024 5: 10 P.M. Troy Warner, Rachel Tomas Morgan, Ophelia Gooden Rodgers, Sherry Bolden-Simpson, Kaine Kanczuzewski Thomas Gryp Bianca L. Tirado, Matthew Neal, Samuel Turck, Bob Palmer, Canneth Lee, Sheila Niezgodski, Karen White Mark Bemenderfer Bill No. 24-30 -Declaratory Resolution - Real Property Tax Abatement 619 Sherman Avenue, 620 Sherman Avenue, and 1021 1/2 -1023 1/2 Lincoln Way West Members marked with an asterisk (*) are in virtual attendance. Please note the attached link for the meeting recording: https://docs.southbendin.gov/WebLink/browse.aspx?dbid=0&mediaid=382880 Committee Chair Troy Warner called to order the Community Investment Committee meeting at 4:15p.m. Bill No. 24-30 -Declaratory Resolution -Real Property Tax Abatement 619 Sherman Avenue, 620 Sherman Avenue, and 1021 1/2 -1023 1/2 Lincoln Way West Committee Chair Warner stated that all tax abatements have two (2) bills associated with them, a declaratory and confirming resolution. Mark Bemenderfer, Business Development Manager with offices on the 14th floor of the County- City Building, presented Bill No. 24-30, dubbed the Legacy Project by the developer. The eight (8) year tax abatement is for Property Bros LLC. Four (4) duplexes will be built on these properties. Jordan Richardson is the Owner of Property Bros LLC. and has been building affordable housing in the City for the last two (2) years. The proposed tax revenue from these properties following the Elivcl Quijada-Navarro Cl 111-:1' D r,Pr.:TY C:rTY Cr.F.Rf.: INTEGRITY I SERVICE I ACCESSIBILITY Matlhcw Neal Dr-:l'L:TY/ DIRECl'OR 0 1' POI.ICY S;unucl Turck D rRl'C:TOR OF SP1-:c1.1J. o r' PROJr-:crs EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSIO N I EMPOWERMENT 455 County-City Building 1227 W Jefferson Blvd. I South Bend, Indiana 46601 Ip. 574.235.9221 I f. 574.235.91731 www.southbendin.gov CITY OF SOUTH BEND OFFICE OF THE CLERK construction will net fifteen thousand dollars ($15,000) annually. One hundred and eighteen thousand dollars ($118,000) will be abated. The total private investment is one million and four hundred thousand dollars ($1 ,400,000). Jordan Richardson grew up in the Near Northwest Neighborhood and continues investing in it. These lots were vacant and owned by the City. Committee Chair Warner held the public hearing and nobody spoke. Jordan Richardson, 1251 N. Eddy Street, South Bend, [N 46617, owns Property Bros LLC and stated that these properties and much of this area are vacant. Committee Member Sherry Bolden-Simpson asked if these properties were for sale or rent. Jordan Richardson stated that these properties are for rent, but Property Bros LLC. plans to develop duplexes for purchase in the long term, as home ownership is a key component of community advancement. Committee Vice Chair Rachel Tomas Morgan thanked the petitioners for their investment and asked about the price range for these new rental units. Jordan Richardson stated that these properties are marketed as downtown units, which at market rate could rent for one thousand eight hundred and fifty dollars ($1 ,850) a month. The range for these units will be from one thousand two hundred and fifty dollars ($1 ,250) to one thousand three hundred and fifty dollars ($1 ,350). Councilmember Canneth Lee thanked the petitioners for their investment and work in the first (1 st) district and asked how soon the construction will start and where the tenants will park. Jordan Richardson stated that it would be in the middle of October, following the tax abatement's approval, so the duplexes' exterior could be completed before winter. The tenants will utilize street parking. Committee Chair Warner held the public hearing, and nobody spoke. Committee Member Sherry Bolden-Simpson thanked the petitioners for their investment. Committee Vice Chair Tomas Morgan motioned to send Bill No. 24-30 to the Full Council with a favorable recommendation, which was seconded by Citizen Member Kaine Kanczuzewski and carried via a vote by voice. EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601 p. 574.235.9221 f. 574.235.9173 www.southbendin.gov CITY OF SOUTH BEND I OFFI CE OF TH E CLERK With no further business, Committee Chair Troy Warner adjourned the Community Investment Committee meeting at 5 :23 p.m. Respectfully Submitted, r( Troy Warner, Committee Chair NOTICf: fo"OR HEARING AND SIGHT IMPAIRED PERSONS Auxilillr~' Aid or Other Scn•iccs ma~· ht Available u1K>n Request at No Cha~c. Plcalie 1,!il'c Rc:.isonabk Ad,·:1ncc Request when Possible EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 227 W Jefferson Blvd. South Bend, Indiana 46601 p. 574.235.9221 f. 574.235.9173 www.southbendin.gov