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South Bend Redevelopment Commission <br />Regular Meeting — July 15, 2005 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />Mr. Schaffer gave the staff report on the <br />project. Garden Homes will construct two <br />new homes on two vacant lots, 3021 and <br />3025 West Calvert St. Each home will be <br />approximately 1,036 square feet, with three <br />(3) bedrooms, five rooms, with a full 8 foot <br />basement. The homes will have a 20' by 21' <br />attached garage on a 60' by 120' lot. The cost <br />of each new home will be approximately <br />$100,000 with a market value of $110,000 <br />making the total project value approximately <br />$200,000. <br />A review of the tax abatements previously <br />granted, finds that the petitioner has been <br />associated with or granted sixteen previous <br />tax abatements. The building commissioner <br />has reviewed this petition and finds the <br />properties to be properly zoned for the <br />proposed project. The properties are located <br />in the Sample Ewing Development Area, <br />which is a Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The project does meet the qualifications for a <br />five year residential tax abatement under the <br />Tax Abatement Ordinance. <br />Based on a total project cost of $200,000 the <br />cost of the tax abatement per home is as <br />follows: <br />C 1 4 <br />