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South Bend Redevelopment Commission <br />Regular Meeting –October 1, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Tax Abatement <br /> <br />(1) continued… <br /> <br /> Street in the Northeast Neighborhood <br />Development Area. <br /> <br />Mr. Mathia gave the staff report on the <br />abatement request. Markus and Krupali <br />Krusche intend to construct an approximately <br />2,400 square foot, single-family home as <br />their primary residence. The home will have <br />two stories with a brick exterior. It will have <br />three bedrooms, two and one-half bathrooms, <br />a great room, a study, a dining room, a small <br />backyard patio and an unfinished basement. <br />The project is part of the Notre Dame <br />Avenue Housing Program and as such will <br />follow the design specifications and <br />standards required by that program. The cost <br />of the home will be approximately $450,000. <br />Based on that project cost, total taxes to be <br />abated during the five-year abatement period <br />are estimated at $1,893. Total taxes to be <br />paid during the five-year abatement period <br />are estimated at $23,367. <br /> <br />Mr. Mathia noted that the property is <br />properly zoned for the proposed use. The <br />property is located in the Northeast <br />Neighborhood Development Area, which is a <br />Tax Increment Allocation Area; therefore, <br />approval of the tax abatement petition by the <br />South Bend Redevelopment Commission is <br />required. In addition, it must be noted that <br />the property is not located within the <br />Northeast Neighborhood’s residential TIF <br />area. The project qualifies for five years of <br />real property tax deduction under the tax <br />abatement ordinance. <br /> 6 <br /> <br />