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Filed in Clerk's Office <br /> • CITY OF SOUTH BEN MAR 08 202:3 <br /> _ DM.jNES <br /> • <br /> COMMUNITY INVESTMENT CITYCLERK,SouT�HBEND,IN <br /> March 8, 2022 <br /> Council Member Rachel Tomas Morgan <br /> Chairperson, Community Investment Committee <br /> South Bend Common Council <br /> 4th Floor, County City Building <br /> South Bend, IN 46601 <br /> RE: Confirming Resolution: Multi-Family Residential Real Property Tax Abatement for <br /> 536 S. Main Street (SoMa Capital LLC) <br /> Dear Council Member Tomas Morgan, <br /> Please find the enclosed information pertaining to a multi-family real property tax abatement <br /> petition submitted by SoMa Capital LLC, an Indiana Limited Liability Company, to rehabilitate a <br /> building at 536 S. Main Street. On February 27, 2023, the Common Council approved <br /> Resolution No. 5005-23, the Declaratory Resolution. The Department of Community <br /> Investment will present the Confirming Resolution on March 13 for the Common <br /> Council's consideration. <br /> This petition package includes: <br /> • Department of Community Investment's summary report <br /> • Petition <br /> • Statement of Benefits form (SB-1 / Real Property) <br /> • Supporting information <br /> The report contains the Department's findings relative to the above petition. The petitioner plans <br /> to remodel the property into a 12-unit apartment building. The building is vacant and had fallen <br /> into neglect due to serious deferred maintenance following two fires (the most recent in 2021). <br /> The total private investment to rehabilitate and modernize the existing real property is$2.065 <br /> million. The project meets the qualifications for an eight-year(8) multi-family residential real <br /> property tax abatement, and a representative from SoMa Capital LLC will be available to meet <br /> with the Committee on Monday, March 13, 2023. <br /> Should you or any of the other Council members have any questions concerning the report or <br /> need additional information, please feel free to call me at(574)235-5838. <br /> Sincerely, <br /> ,_,.,\____) 1-2 • -- <br /> Erik Glavich <br /> Director, Growth and Opportunity <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> 1400S County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p 574.235.9371 www.southbendin.gov <br />