25-15 Designating Resolution - Real Property Tax Abatement for 425 South Michigan Street

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STATEMENT OF BENEFITS 2025 PAY 20 26 VACANT BUILDING DEDUCTION J State Form 55182(R2/1-21) FORM SB-1/VBD Prescribed by the Department of Local Government Finance PRIVACY NOTICE This statement is being completed for real property that qualifies as an"eligible vacant building"as defined by The cost and any specific individual's IC 6-1.1-12.1-1(17). salary information is confidential:the balance of the filing is public record per IC 6-1.1-12.1-5.1(c)and(d). INSTRUCTIONS: 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise,this statement must be submitted to the designating body BEFORE the occupation of the eligible vacant building for which the person wishes to claim a deduction. 2. To obtain a vacant building deduction,a Form 322NBD must be filed with the county auditor before May 10 in the year in which the property owner or his tenant occupies the vacant building or not later than thirty(30)days after the assessment notice is mailed to the property owner if it was mailed after April 10. If the property owner misses the May 10 deadline in the initial year of occupation,he can apply between January 1 and May 10 of a subsequent year. 3 A property owner who files the Form 322NBD must provide the county auditor and the designating body with a Form CF-1NBD to show compliance with the approved Form SB-1NBD. The Form CF-1NBD must also be updated each year in which the deduction is applicable. SECTION 1 TAXPAYER INFORMATION Name of taxpayer Penny Hill Homes LLC Address of taxpayer Number and Street: 1512 E. Wayne Street City: South Bend State: IN ZIP: 46616 Name of contact person �J Telephone number E-mail address First Name: Sarah Last Name: nlii (706) 206-1363 pennyhillhomes@gmail.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Common Council of the City of South Bend Location of property County DLGF taxing district number Number and Street: 425 S.Michigan Street City. south Bend State: IN zip,46601 St. Joseph 026(South Bend-Portage) Description of eligible vacant building that the property owner or tenant will occupy(use additional sheets if necessary). Estimated occupancy date(month,day,year) Renovate and reactivate the interior and exterior of the building to create spaces for a variety of 3/1/2026 businesses.The plan is to provide a mixture of distinct enclosed commercial spaces and an"art Estimated date placed-in-use(month,day,year) market"arcade of mini-spaces created for artists and small businesses to occupy. 3/1/2026 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS A RESULT OF PROPOSED PROJECT Current Number O Salaries ids O Number Retained O Salaries O Number Additional 8 Salaries $ 360e 000 $ SECTION ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values $0 $182,374 Plus estimated values of proposed project $1,440,000 $840,000 Less values of any property being replaced $0 $0 Net estimated values upon completion of project $1,440,000 $1,022,374 SECTION 5 EFFORTS TO SELL OR LEASE VACANT BUILDING Described efforts by the owner or previous owner to sell,lease,or rent the building during period of vacancy. Current owner purchased the building in 2022. Building is currently not habitable. It has been vacant for 25 years and has experienced significant water damage. Show amount for which the building was offered for sale,lease,or rent during period of vacancy. N/A List any other benefits resulting from the occupancy of the eligible vacant building. After renovation,the restored expansive storefront entrance will enhance the urban streetscape,while the rear entrance and parking lot will provide convenient access and provide ample opportunities for businesses to create both indoor and outdoor experiences.The renovation of this building will have an extremely large impact on this block and on the Monroe Street Arts District in general, having a positive impact on current surrounding businesses. SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized representative 1 �Q Title Date signed(month,day,year) 1X Owner 2/18/2025 Page 1 of 2