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TAX ABATEMENT REPORT <br /> TO: South Bend Common Council <br /> FROM: Daniel Buckenmeyer,Director of Business Development <br /> SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> Historic Lincoln Way West Homes,L.P. <br /> DATE: July 3,2018 <br /> On Monday, July 2, 2019, a petition from Historic Lincoln Way West Homes, L.P. was <br /> received and subsequently filed with the City Clerk for residential real property tax <br /> abatement consideration for 14 single-family homes in the area north of Lincoln Way West <br /> and west of Sherman Street. Pursuant to Chapter 2, Article 6, Section 2-84.2 of the <br /> Municipal Code of the City of South Bend,this petition was referred to the Department of <br /> Community Investment for purposes of investigation and preparation of a report <br /> determining whether the area qualifies as an Economic Revitalization Area pursuant to <br /> I.C.6-1.1-12.1 and whether all zoning requirements have been met. <br /> The Department of Community Investment has reviewed the petition (a copy of which is <br /> attached),investigated the area,and makes the following report. <br /> PROJECT SUMMARY <br /> ➢ (14) Fourteen single-family homes at an approximate assessed value of 910,000. <br /> The homes will have three or four bedrooms and 1,176 to 2,111 square feet. Each <br /> home will have an unfinished basement and a two car garage. <br /> ➢ The project is important in order to improve the residential area and property values <br /> of the surrounding neighborhood. <br /> ➢ The estimated cost of the construction project is$3,495,750. <br /> ➢ New project taxes during five year abatement period—$104,900 <br /> ➢ Estimated taxes being abated during five year abatement period—$66,982 <br /> ➢ Total taxes to be paid during five year abatement period—$37,918 <br /> 1 1 Page <br />