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South Bend Redevelopment Commission <br />Regular Meeting — March 18, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />and a half baths, a full basement, and an <br />attached two -car garage. The floor plan also <br />includes a full kitchen, a dining room, living <br />room, sun room and basement laundry room. <br />There will be a total of ten rooms in the new <br />house. The Andersons purchased the vacant <br />lot from Notre Dame in December 2004 for <br />$38,000. The cost of the home will be <br />around $404,000, making the total project <br />cost approximately $442,000. <br />The Andersons have not had any previous tax <br />abatements. The property is properly zoned <br />for the proposed use. The property is located <br />in the Northeast Neighborhood Development <br />Area which is a Tax Increment Allocation <br />Area; therefore the petition must first be <br />approved by the Redevelopment <br />Commission. The project qualifies for a <br />five -year residential tax abatement under the <br />tax abatement ordinance. <br />The cost of the abatement is estimated as <br />follows: <br />7 <br />Estimated Taxes <br />Over 5 Yrs <br />Without Abatement <br />$40,608.20 <br />With 5 Yr <br />Abatement <br />$35,656.00 <br />Estimated Cost of 5 <br />Yr Abatement <br />$4,952.20 <br />7 <br />