HomeMy WebLinkAboutBill Nos. 24-39 & 24-40 ' .-.
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1865
Department of Community Investment
November 25, 2024
Filed in Clerk's Office
NOV 2 5 2024
Bianca Tirado
City Clerk, South Bend, IN
Agenda :
Bill No. 24-39 Designating Resolution : Two-Year (2) Vacant Building
Tax Abatement for EmpowerHer Development LLC
Bill No. 24-40 Designating Resolution : Eight-Year (8) Real PropertyTax
Abatement for EmpowerHer Development LLC
EmpowerHer Development, LLC
530 S . MICHIGAN ST
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Designating Resolutions : Bill Nos . 24-39 & 24-40
EmpowerHer Development LLC EmpowerHer Development is focused on investing in
Hope Rescue Building the Monroe Park neighborhood.
(530 S. Michigan St.) Vacant Building Tax Abatement (2 years) and
Mixed-Use Development (8 years) Real Property Tax
Abatements
• Historic building built in 1923
• Phase 1: Renovate portion of building to
become shared commercial kitchen consisting
of a food market
• Phase 2: Renovate remaining square footage for
a boutique hotel Total Private Investment:
$1,631,500
• Businesses located in the space hire at least 8
new full-time employees and retain three full-
time employees
CM OF SOUTH
• �COMMtNrrY
Designating Resolutions : Bill Nos . 24-39 & 24-40
EmpowerHer Development LLC Tax Summary
Hope Rescue Building Vacant Building Tax Abatement - Lowers tax liability for existing taxes
(530 S. Michigan St.) • Current estimated taxes over 2 years: $21,387
• Estimated taxes abated over 2 years: $10,268
Mixed-Use Development Real Property Tax Abatement (8 years)
• Current estimated annual taxes: $10,693
Estimated annual taxes after project: $39,150
s .< During the 8-year abatement
• Total estimated taxes: $313,196
• Taxes abated: $93,722
• Taxes paid: $219,474
• Estimated taxes paid
• After 10 years: $297,773 ($106,934 w/o the project)
• After 15 years: $493,520 ($160,402 w/o the project)
• After 20 years: $689,268 ($213,869 w/o the project)
CM OF SOUTH
DEPARTMENT OF COMMINMM
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