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South Bend Redevelopment Commission <br />Regular Meeting — May 20, 2005 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(2) continued... <br />A review of the tax abatements previously <br />granted, finds that the petitioner has been <br />associated with or granted several previous <br />abatements. The petitioner is in compliance <br />with the reporting requirements for the <br />previous abatements. The building <br />commissioner has reviewed the petition and <br />finds the properties to be properly zoned for <br />the proposed use. A review of the South <br />Bend Redevelopment designation areas finds <br />that the properties are located in the <br />Northeast Neighborhood 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. A <br />review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a five year residential tax <br />abatement. <br />Based on a total project cost of $105,000 the <br />cost of the tax abatement is as follows: <br />Ms. Charlotte Sobel advised that Madison <br />Center has purchased various parcels of <br />vacant land and parcels with deteriorated <br />housing in the Northeast Neighborhood. The <br />dilapidated housing has been demolished and <br />G9 <br />Estimated taxes <br />over five (5) years <br />Without abatement <br />$8,363.55 <br />With 5 -yr abatement <br />$3,010.85 <br />Estimated cost of <br />5 -yr abatement <br />$5,352.65 <br />Ms. Charlotte Sobel advised that Madison <br />Center has purchased various parcels of <br />vacant land and parcels with deteriorated <br />housing in the Northeast Neighborhood. The <br />dilapidated housing has been demolished and <br />G9 <br />