03-05-04 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting —March 5, 2004 C 6. NEW BUSINESS (CONT.) A. Tax Abatements (1) continued... Based on a total estimated project cost of $95,000 per home, the cost of the tax abatement per property is as follows: APP- Ms. Charlotte Sobel, representing the South L; Bend Heritage Foundation, thanked the Commission for its past support and current consideration. The proposed project was not built in the time frame previously anticipated due to the marketability of the sale of homes. Garden Homes presently has two (2) verbal commitments to build on the properties. Building permits will be issued after tax abatements are in place for the properties. Upon a motion by Ms. Jones, seconded by Mr. Faccenda and unanimously carried, the Commission approved Resolution No. 2045 approving an application for real property tax deduction for property located at 1309, 1325, 1329, 1405 and 1408 W. Washington Street in the West Washington- Chapin Development Area. (South Bend Heritage Foundation, Inc.) G4 COMMISSION APPROVED RESOLUTION NO. 2045 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 1309, 1325, 1329, 1405 AND 1408 W. WASHINGTON STREET IN THE WEST WASHINGTON- CHAPIN DEVELOPMENT AREA. (SOUTH BEND HERITAGE FOUNDATION, INC.) Estimated taxes over 5 years Without abatement $6,727.95 With 5 year abatement $1,373.30 Estimated cost of 5 year abatement $5,352.65 APP- Ms. Charlotte Sobel, representing the South L; Bend Heritage Foundation, thanked the Commission for its past support and current consideration. The proposed project was not built in the time frame previously anticipated due to the marketability of the sale of homes. Garden Homes presently has two (2) verbal commitments to build on the properties. Building permits will be issued after tax abatements are in place for the properties. Upon a motion by Ms. Jones, seconded by Mr. Faccenda and unanimously carried, the Commission approved Resolution No. 2045 approving an application for real property tax deduction for property located at 1309, 1325, 1329, 1405 and 1408 W. Washington Street in the West Washington- Chapin Development Area. (South Bend Heritage Foundation, Inc.) G4 COMMISSION APPROVED RESOLUTION NO. 2045 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 1309, 1325, 1329, 1405 AND 1408 W. WASHINGTON STREET IN THE WEST WASHINGTON- CHAPIN DEVELOPMENT AREA. (SOUTH BEND HERITAGE FOUNDATION, INC.)