HomeMy WebLinkAbout12-09-2024 Community Investment 12/10/2024
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Department of • Investment
December 9, 2024
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Agenda :
Bill No. 24-42 Confirming Resolution: Two-Year (2) Vacant Building
Tax Abatement for EmpowerHer Development LLC
Bill No. 24-43 Confirming Resolution: Eight-Year (8) Real PropertyTax
Abatement for EmpowerHer Development LLC
CITY OF SOUTH END
DEPARTMENT.'
F COMMUNITY INVESTMENT
Filed in Clerk's Office
L L C 1 0 2024
Bianca Tirado
City Clerk, South Bend, IN
12/10/2024
EmpowerHer Development,
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12/10/2024
Designating Resolutions: Bill Nos. 24-42 & 24-43
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
DEPARTMENTOFCOMMUNMINVESTMENT
Designating Resolutions: Bill Nos. 24-42 & 24-43
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
• 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)
CITYOFSOUTH
BEND• • COMMUNITY
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12/10/2024
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