05-06-05 Redevelopment Commission Minutes

Home Browse Search

G G South Bend Redevelopment Commission Regular Meeting — May 6, 2005 6. NEW BUSINESS (CONT.) A. Tax Abatements (1) continued... be $67,000 with a market value of $89,000, making the total project cost for the two homes located in the Sample -Ewing Development Area approximately $178,000. A review of the tax abatements previously granted finds that Mr. Williams has not been associated with any previous tax abatements. The building commissioner has reviewed this petition and finds the properties to be properly zoned for the proposed use. A review of the South Bend Redevelopment designation areas finds that the properties are located in the Sample Ewing Development Area, which is a Tax Incremental Allocation Area; therefore the petition for real property tax abatement must first be approved by the South Bend Redevelopment Commission. The project meets the qualifications for a five year residential tax abatement. Based on a total project cost of $89,000 the cost of the tax abatement per home is as follows: Upon a motion by Mr. King, seconded by Mr. Blake and unanimously carried, the Commission approved Resolution No. 2163 approving an application for real property tax 0 COMMISSION APPROVED RESOLUTION NO. 2163 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 606 WEST CALVERT STREET AND 1706 SOUTH WILLIAM STREET. (FREDERICK WILLIAMS) Estimated taxes over five (5) years Without abatement $6,289.55 With 5 -yr abatement $ 980.65 Estimated cost of five (5) year abatement $5,308.90 Upon a motion by Mr. King, seconded by Mr. Blake and unanimously carried, the Commission approved Resolution No. 2163 approving an application for real property tax 0 COMMISSION APPROVED RESOLUTION NO. 2163 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 606 WEST CALVERT STREET AND 1706 SOUTH WILLIAM STREET. (FREDERICK WILLIAMS)