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South Bend Redevelopment Commission <br />Regular Meeting,--.October 19, 2007 <br />6. NEW BUSINESS (CONY.) <br />H. Tax Abatements <br />(1) Commission approval requested for <br />Resolution No. 2389 approving <br />application for real property tax deduction <br />for property located in Section I of The <br />Villas at Blackthorn thorn In the Airport <br />Economic Development Area. (Extension <br />of Resolution No. 191.7 approved <br />abatement for Cooreman Real Estate <br />Group) <br />Mr. Mathia ,gave the staff report. 'ire <br />Coore an Real Estate Group is the <br />developer of the Villas at Lake Blackthom. <br />subdivision located directly north of Brick <br />Road and west o f and adj ac ent to th e U. S. 31. <br />.bypass. It is also adjacent to the Blackthom <br />Corporate Park. The subdivision was granted <br />a five-year e -year reside ti al real property tax <br />abatement by the Common Council on <br />December 9, 2002. fart of the Common <br />Council process is to designate the <br />development as a Residentially Distressed <br />Area (RDA) for five years while the property <br />is sold and developed. The developer has to <br />date only sold about half of the properties in <br />the subdivision. That five year RDA <br />designabon expires November I l , 2007. <br />Without the RDA designation, the remaining <br />lots cannot offer tax abatement. Cooreman. <br />'Real Estate Group is asking that the RDA <br />designation be extended one year. <br />Mr. Mathia noted that an extension doesn't <br />affect the TIF in the development area <br />because residential improvements don't <br />contribute to TIF. <br />Ms. Jones asked if extensions are granted <br />3 <br />