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South Bend Redevelopment Commission <br />} Regular Meeting — May 20, 2005 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(4) continued... <br />be approximately 2,500 square feet. The two <br />story house will be built by Ryan Rans. The <br />home will have four bedrooms, two and a <br />half baths, full basement and an attached two <br />car garage. The cost of the home will be <br />approximately $300,000. <br />A review of the tax abatements previously <br />granted finds that Craig and Marta Brummell <br />have not been associated with any previous <br />tax abatements. The building commissioner <br />has reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed use. A review of the South Bend <br />Redevelopment designation areas finds that <br />the property is located in the Northeast <br />Neighborhood Development Area, which is a <br />Tax Incremental Allocation Area; therefore, <br />the petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that the <br />petitioner meets the qualifications for a five <br />year residential tax abatement. <br />Mr. Brummell addressed the Commission <br />and stated that both he and Mr. Jessup were <br />extremely excited about the redevelopment <br />and revitalization of the Northeast area. Both <br />IL 13 <br />Estimated taxes <br />over five (5) years <br />Without abatement <br />$33,008.00 <br />With 5 -yr abatement <br />$27,655.35 <br />Estimated cost of <br />5 -yr abatement <br />$ 5,352.65 <br />Mr. Brummell addressed the Commission <br />and stated that both he and Mr. Jessup were <br />extremely excited about the redevelopment <br />and revitalization of the Northeast area. Both <br />IL 13 <br />