Laserfiche WebLink
Filed in Clerk's Office <br /> /1 /1 <br /> Binnca 1 irido <br /> i City Ckrk, South Uuiid. IN <br /> :, r .. _z HERSTORIC. . � \ <br /> i — I .. _ <br /> , , . _ <br /> ., ._ ,. ...,,,, <br /> __L._ ., Ktr ,r, ,,r, 1 -- 41# <br /> III <br /> tit, _---_-_"-_-:__....---- <br /> r4 <br /> INCREMENTAL TAX ABATEMENTS <br /> DEVELOPMENT <br /> South Bend's small developer community is Whenever a company looks to expand and <br /> strong and growing, and the City supports or/relocate, communities take notice. A <br /> residents and others committed to the few hundred jobs can be transformative <br /> vibrancy of our neighborhoods. Through to a community, and local municipalities <br /> the Build South Bend initiative, local small often compete for these employers. While <br /> developers and entrepreneurs have access the City will compete when it makes sense, <br /> to technical assistance and resources our philosophy is more often centered <br /> which provides the opportunity to gain a on investment in local and loyal, growing <br /> deep understanding of the development companies. <br /> process. Build South Bend and City-supported <br /> programming is focused on local control and Through tax abatements in 2023,the City of <br /> development, connection to resources, and South Bend is supporting existing and pending <br /> helping advance a resident-driven future for projects that will result in an estimated $360.4 <br /> South Bend. million in private investment and nearly 450 <br /> new rental units. In addition, new projects <br /> In 2023,the City hosted three multi-day events supported through tax abatements will result <br /> that featured networking, workshops, and in 680 new and retained jobs <br /> one-on-one coaching. Workshops,which <br /> featured up to 50 attendees, focused on the In 2023, active tax abatement holders <br /> fundamentals of incremental development reported 2,726 created and retained jobs <br /> and topics such as financing, acquisitions, for real property projects and 732 jobs for <br /> sustainability, using proformas, design, and personal property projects, and total private <br /> more. Ten active developments have been investment for these City-supported projects <br /> assisted through direct coaching. Upon was a reported $379.6 million. For real <br /> completion,these projects will represent more properties subject to active tax abatements, <br /> than $25 million in investment. the 2023 assessed value was $219.8 million <br /> combined, up from $21.0 million in assessed <br /> value before the projects began. <br /> DEPARTMENT OF COMMUNITY INVESTMENT GROWTH &OPPORTUNITY <br />