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1200 COCINTY-CITY I3U1LD1NG <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />SHARON T. KENDALL <br />FIJCECUTIVE DIRECTOR <br />TAX ABATEMENT REPOR T <br />TO: <br />FROM: <br />SUBJECT: <br />DATE: <br />SOUTH BEND COMMON COUNCIL <br />SHARON TERRELL~ <br />RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />ROJO DEVELOPMENT, INC. (NORAWOOD MANOR) <br />August 31, 2006 <br />On August 17, 2006, a petition for residential tax abatement consideration for real property vas filed with <br />the City Clerk b}% Rojo Development. Pursuant to Chapter 2, Article 6, Section 2-77.1 of the Municipal <br />Code of the City of Sollth Bend, this petition was referred to the Department of Community and Economic <br />Development for purposes of investigation and preparation of a report determining whether the area qualifies <br />as a Residentially Distressed Area pursuant to I.C.6-1. l -12.1 and whether all zoning requirements have been <br />met. <br />The Department of Community and Economic Development has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT DESCRIPTION <br />Rojo Development intends to construct (13) thirteen, single-family, custom-built homes. The price of each <br />home will be approximately two hundred fifty thousand dollars ($250,000). Taxes to be abated during the <br />(5) five-year abatement period is estimated at $10,216 for each home. The total amount abated for the (13) <br />thirteen homes totals $132,808. Taxes to be paid for each home are estimated at $27,913. Total taxes to <br />be paid during the (5) five-year abatement period for the (13) thirteen homes is $362,880. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL ~C PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574!235-9660 574/235-9371 ELIZABETH LEONARD <br />FAX: 574/235-9697 5741235-9371 <br />