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South Bend Redevelopment Commission <br />Regular Meeting —April 16, 2004 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) Commission approval requested for <br />Resolution No. 2050 approving an <br />application for residential real property <br />tax deduction for property located at <br />1105 Frances Street in the Northeast <br />Neighborhood Development Area. <br />(Semion and Natalia Lyandres) <br />Mr. O'Brien reported that the petitioner <br />proposes to develop a new single family <br />home at 1105 Frances Street. The home will <br />be built by either Rans Custom Builders or <br />Snyder Custom Homes. The home will be <br />2,000 square feet with three or four <br />bedrooms. The home will be built on a full <br />basement with an attached garage. The <br />estimated dollar value of the new <br />construction will be $250,000. <br />A review of the tax abatements previously <br />granted finds that the petitioner has not <br />received any previous residential tax <br />abatements. The building commissioner has <br />reviewed the petition and finds the property <br />to be properly zoned for the proposed use. <br />A review of the South Bend redevelopment <br />designation areas finds that the property is in <br />the Northeast Neighborhood Development <br />Area; therefore, the abatement must be <br />approved by the Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance finds that the <br />petitioner meets the qualifications for a five <br />year residential tax abatement. <br />Based on an estimated project cost of <br />$250,000 the cpst of the tax abatement is as <br />ILI follows: <br />13 <br />