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12pp CnUI~TIY-Ct~rr BUIL611~IG <br />227 W. jEF~>:.xsoN Bnul.~vAxD <br />SauTx BEND, INDIANA 4dGp1-l 83D <br />FIaoNE 574f 235-9371 <br />FAx 5741235-9021 <br />TDD 5741235-55G7 <br />CITY C+F SOUTI-I BEND STEPHEN ~. I.,CJECKE> Mr1YOR <br />CoMM~z~rY EC®N®M~C >E,v~~,oPME~rT <br />~EPFREY V. +~7IBNEY <br />EXECU"T"INE DIRECTQR <br />l ~!1 ~17~ ~~lYd~L ~ ~ ~~~®~~ <br />T0: SOUTH BEND COMMON COUNCIL <br />FROM: BOB MATHIA <br />SUB.TECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />SNYDER CUSTOM HOMES, INC. <br />DATE: August 30, 2010 <br />On August 30, 2010, a petition far residential tax abatement consideration for real property located at 901 <br />and 909 North St. Peter Street (current consolidated address is 727 E. Corby Street) was flied with the City <br />Clerk by Snyder Custom Homes, Incorporated. Pursuant to Chapter 2, Article 6, Section 2-77.1 of the <br />Municipal Cade of the City of South Bend, this petition was referred to the Department of Community and <br />Econarnic Development far purposes of investigation and preparation of a report determining whether the <br />area qualifies as a Residentially Distressed Area pursuant to I.C.6-1. I -12.1 and whether all zoning <br />requirements have been 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 fallowing report. <br />PRO,~ECT ~3ESCR~PTI®I,1 <br />Snyder Custom Homes intends to construct two new single family homes. Each home wi11 be two stories. <br />One of the homes will contain approximately 2,850 square feet with three bedrooms and an attached two <br />stall garage. The other home will contain approximately 3,000 square feet with four bedrooms, a finished <br />lower level and an attached two car garage. The cost of the two homes will be approximately $S2S,000 <br />each. Total taxes to be abated during the {S) ~ve~year abatement period for one home are estimated at <br />$1,893.34. Total taxes to be Maid during the (5}five-year abatement period fnr one home are estimated at <br />$27,602.30. Total taxes to be abated for the two homes are estimated to be $3,786.68. Total taxes to be <br />paid for the two homes are estimated at $55,204.60. <br />COMMUNITY DEVELOPMENT ECnNQ~IIC DEVELOPMENT FINANCIAL ~ I'xnGx,vrr <br />1 AM ELA C. MLYEIt DONAL^ E. <NKS MANAGEMENT <br />574!235-9GG0 5741235-9371 ELLZAI3ETFI LEOwnao <br />Fex: 574/235-9697 574!235-9371 <br />