Economic Development Services Portfolio
The City of South Bend through its Department of Community Investment offers several resources for businesses to expand and/or relocate to South Bend.
Downtown South Bend Municipal Riverfront Development District Liquor License
The downtown South Bend Municipal Riverfront Development District (District) is a project district where 3-way liquor licenses are made available to eligible dining, entertainment, and cultural establishments for $1,000 as a way to spur development along and near our river. This District was made possible via state legislation and an Ordinance passed by the City of South Bend Common Council that designated the District and adopted eligibility requirements. Click for additional information.
Industrial Revenue Bonds
South Bend offers bond financing to promote economic development, creating and/or retaining jobs, creating higher paying jobs and promoting industry in the community.
Industrial Revenue Bonds (IRBs) or Private Activity bonds, are tax-exempt bonds issued by government entities, with the proceeds loaned to private companies. The interest on the bonds is typically tax-exempt, making them attractive to investors and resulting in lower financing costs to the company. Click for additional information.
Industrial Revolving Loan
The Industrial Revolving Loan Fund (IRF) provides low-interest gap financing to help companies in South Bend expand their operations and facilities, and to assist start-up companies in the area. Click for additional information.
The City of South Bend offers a Tax Abatement Program designed to help new and expanding businesses improve real property or acquire new equipment. The program also provides tax abatement for the construction of new residences.
Tax abatement provides tax relief to the owner while supporting new development, which would not have occurred without public support. The increase in taxes, generated by the new investment, is phased in over a defined number of years. Click for additional information.
Tax Increment Financing (TIF)
TIF is a method of generating revenue for the implementation of the plans developed for the Redevelopment and Economic Development Areas. When a TIF area is established, any increase in real property assessed value due to new investment is attributed to the TIF, and the taxes generated by the increased assessed value are deposited in the TIF Allocation Fund. This is referred to as the TIF increment. The assessed value of the area before the TIF area is established is referred to as the “base” assessed value. Taxes generated from the “base” continue to go to the local taxing units, just like they did before the TIF area was established.
The City of South Bend works with a variety of partners for economic and community development -- public and private, nonprofit and for-profit, residential, commercial and industrial. Below are links to the web sites of those organizations.