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25-19 Confirming Resolution - Real Property Tax Abatement for 425 South Michigan Street
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25-19 Confirming Resolution - Real Property Tax Abatement for 425 South Michigan Street
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3/5/2025 1:22:33 PM
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Filed in Clerk's Office <br /> J It OFSOUTH <br /> CITY BEND <br /> MAR a 5 2025 <br /> p COMMUNITY INVESTMENT Brirado <br /> City Clerk, South Bend, IN <br /> /865 <br /> March 5, 2025 <br /> Council Member Troy Warner <br /> Chairperson, Community Investment Committee <br /> South Bend Common Council <br /> County-City Building, 4th Floor <br /> South Bend, Indiana 46601 <br /> RE: Confirming Resolution (2): Vacant Building Tax Abatement and Mixed-use <br /> Development Real Property Tax Abatement for Penny Hill Homes LLC <br /> Dear Council Member Warner, <br /> Please find the enclosed Confirming Resolutions and Memorandum of Agreement for a vacant <br /> building tax abatement and a mixed-use development real property tax abatement for Penny Hill <br /> Homes, LLC, an Indiana Limited Liability Company. Penny Hill Homes intends to rehabilitate the <br /> building located at 425 S. Michigan Street, known as the Inwoods Building. The building has <br /> been vacant since 1999, and Penny Hill Homes will renovate and reactivate the space with the <br /> intent of proving a mixture of commercial spaces and an "art market"for artists and small <br /> businesses. <br /> The total investment for this project is $1.44 million. The project meets the qualifications for two <br /> abatements: a two-year (2) vacant building tax abatement and a ten-year (10) mixed-use <br /> development real property tax abatement. <br /> A representative from Penny Hill Homes, LLC, will be available to meet with the Committee on <br /> Monday, March 10, 2025. <br /> Should you or other Council members have questions about the report or need additional <br /> information, please feel free to call me at (574) 235-5838. <br /> Sincerely, <br /> • <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 />
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