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founi-- , <br /> CITY OF SOUTH BEND <br /> K,____ <br /> ;,,` r ,, COMMUNITY INVESTMENT <br /> lW;S <br /> October 8, 2025 Filed in Clerk's Office <br /> Council Member Troy Warner Oct 8, 2025 <br /> Chairperson, Community Investment Committee <br /> South Bend Common Council Bianca Tirado <br /> 4th Floor, County-City Building City Clerk, South Bend, IN <br /> South Bend, Indiana 46601 <br /> RE: Resolution: Real Property Tax Abatement for The Monreaux LLC <br /> Dear Council Member Warner, <br /> Please find enclosed a resolution that would reconfirm the real property tax abatement for The <br /> Monreaux LLC. The abatement provides support for the construction of a 57-unit affordable <br /> apartment building—The Monreaux—at 505 S. Michigan Street (the southwest corner of S. <br /> Michigan Street and W. Monroe Street). The enclosed resolution would also amend the <br /> Declaratory Resolution for the tax abatement. <br /> On August 22, 2022, the Common Council of South Bend adopted Confirming Resolution 4975- <br /> 22, which confirmed Declaratory Resolution 4972-22 to establish an eight-year (8) real property <br /> tax abatement for The Monreaux project. In February 2023, the project was awarded low- <br /> income housing tax credits from the Indiana Housing and Community Development Authority. <br /> The tax abatement approved by the Common Council was an important component of the City's <br /> support package as the project's tax credit application was reviewed and ultimately awarded. <br /> The Monreaux project is vital to the stabilization and continued growth of south downtown South <br /> Bend. The designation period for the tax abatement expired on August 8, 2025, and needs to be <br /> extended in order for the project to receive the benefits of the tax abatement. Adoption by the <br /> Common Council of the reconfirming resolution would extend the designation period and help <br /> ensure the success of the project. <br /> A representative from The Monreaux LLC will be available to meet with the Committee on <br /> Monday, October 13, 2025. If you or any of the other Council members have questions <br /> concerning the report or need additional information, please feel free to call me at (574) 235- <br /> 5838. <br /> Sincerely, <br /> ),-4_,---- - -, <br /> Erik Glavich <br /> Director, Growth and Opportunity <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> 1400S County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov <br />