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43 <br /> Igo <br /> ..,. TAX ABATEMENTS <br /> Through tax abatements in 2024, the City of South <br /> °'``�` Bend is supporting existingand pendingprojects <br /> ��, , � { p P g P 1 <br /> 4., that will result in an estimated $40.63 million <br /> in private investment. In addition, new projects <br /> supported through tax abatements will result in <br /> %r���� N 427 new and retained jobs. <br /> Build South Bend Incremental Development workship at the <br /> Technology Resources Center <br /> In 2024, active tax abatement holders reported <br /> INCREMENTAL DEVELOPMENT 2,060 created and retained jobs for real property <br /> South Bend's small developer community is strong projects and 922 jobs for personal property <br /> and growing, and the City supports residents projects. Total private investment for these <br /> and others committed to the vibrancy of our City supported projects was a reported $346.2 <br /> neighborhoods. Through the Build South Bend million. For real properties subject to active <br /> initiative, local small developers and entrepreneurs tax abatements, the 2024 assessed value was <br /> have access to technical assistance and resources $199.9 million combined, up from $17.5 million in <br /> which provides the opportunity to gain a deep assessed value before the projects began. <br /> understanding of the development process. Build <br /> South Bend and City-supported programming <br /> is focused on local control and development, <br /> connection to resources, and helping advance a <br /> resident-driven future for South Bend. .'I1 —a r„ !i <br /> il. ■- <br /> In 2024, the City hosted two multi-day events 1,t y �I ■' <br /> that featured networking events, workshops, $ L_' <br /> and one-on-one coaching.The workshops, which r <br /> featured over 60 attendees, focused on the _ _-- .- <br /> Momentum Entrepreneurship Hub-Corner of Main Street <br /> fundamentals of incremental development and and Monroe in south Downtown(Before) <br /> topics such as financing, acquisitions, sustainability, <br /> using proformas, design, and more. City staff <br /> and coaching partners assisted small developers . _ <br /> directly by conducting 18 in-depth one-on-one J41 ```�4`' <br /> coaching sessions, with nine active development = — <br /> projects receiving support. Upon completion, these •-; i <br /> �fdl n :�_ <br /> projects will represent more than $30 million in JJ <br /> i,;' _ i 1 1 <br /> investment in South Bend. = <br /> I -. -- _ <br /> Momentum Entrepreneurship Hub-Corner of Main Street <br /> and Monroe in south Downtown(After) <br /> GROWTH&OPPORTUNITY ANNUAL REPORT 2024 <br />