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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />5. OLD BUSINESS <br />A. Tax Abatements <br />() continued... <br />price of the homes will be $65,000. Total <br />taxes to be abated during the five-year <br />abatement period is estimated at $2,895 per <br />home for a total of $14,775. Total taxes to <br />be paid during the five-year abatement period <br />are estimated at $1,370 per home for a total <br />of $6,850 for the five homes. Habitat has <br />had numerous abatements since 1998. The <br />property is properly zoned for single-family <br />homes. The property is in the West <br />Washington-Chapin Development Area, <br />which is a Tax Increment Allocation Area; <br />therefore, approval of the tax abatement <br />petition by the South Bend Redevelopment <br />Commission is required. The project <br />qualifies for five years of residential tax <br />abatement under the tax abatement <br />ordinance. <br />Mr. King noted that the abatements are for <br />1219 West Colfax Ave. and 1232 West <br />Jefferson Blvd. <br />Mr. Hatch pointed out that the lots are <br />currently empty and generating $164 per year <br />in taxes. Habitat will invest just under <br />$500,000 to construct these homes, which <br />will eventually become sources of revenue to <br />the city. Habitat has constructed over 100 <br />homes in the community and those homes <br />pay taxes every year. By working with <br />families and aggressively training them, they <br />are transformed from renters to home <br />owners. Habitat thinks it's awin-win <br />situation for everyone. Habitat appreciates <br />the cooperation received from the city in the <br />7 <br />