07-23-10 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting –July 23, 2010 6. NEW BUSINESS A. Tax Abatements (1) Resolution No. 2730 approving an application for real property tax deduction for property located at 902 N. St. Peter Street in the Northeast Neighborhood Development Area. Ms. Hahn gave the staff report on the project. Mr. Patrick Perrella intends to construct a 3,350 sft,, two-story, single-family home as his primary residence. The home will have four bedrooms, four bathrooms, two half bathrooms, a front porch, finished basement and two-car garage. The project is part of the Notre Dame Avenue housing program and, as such, will follow the design specifications and standards required by that program. The cost of the home will be approximately $630,000. Total taxes to be abated during the five-year abatement period are estimated at $1,893. Total taxes to be paid during the five-year abatement period are estimated at $33,531. Ms. Hahn noted that Mr. Perrella has not had a previous tax abatement. The property is properly zoned for the proposed use. The property is in the Northeast Neighborhood Development Area, a tax increment financing allocation area; therefore, the abatement petition must first be approved by the Redevelopment Commission. The project qualifies for five years of residential tax abatement under the tax abatement ordinance. CRN.2730 Upon a motion by Ms. King, seconded by OMMISSION APPROVED ESOLUTION O APPROVING AN APPLICATION FOR REAL Mr. Varner and unanimously carried, the PROPERTY TAX DEDUCTION FOR PROPERTY Commission approved Resolution No. 2730 902N.S.PS LOCATED AT T ETER TREET IN THE approving an application for real property tax NND ORTHEAST EIGHBORHOOD EVELOPMENT deduction for property located at 902 N. St. A REA 4