11-01-02 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting— November 1, 2002 6. NEW BUSINESS (CONT.) B. Tax Abatement (2) continued... 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. A review of the Tax Abatement Ordinance finds that the petitioner meets the qualifications for a five year residential tax abatement. Based on an estimated project cost of $200,000 per house, the cost of each tax abatement is as follows: Mr. Beitzinger noted that the abatement schedule is for estimation purposes only and assumes constant tax rates. The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. Upon a motion by Mr. Faccenda, seconded by Ms. Jones and unanimously carried, the Commission approved Resolution No. 1917 approving an application for real property 17 COMMISSION APPROVED RESOLUTION NO. 1917 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT THE VILLAS AT LAKE BLACKTHORN IN THE AIRPORT ECONOMIC DEVELOPMENT Estimated taxes over 5 years Without abatement $26,825.81 With 5 year $19,241.55 abatement Estimated cost of $ 7,584.26 3 year abatement Mr. Beitzinger noted that the abatement schedule is for estimation purposes only and assumes constant tax rates. The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. Upon a motion by Mr. Faccenda, seconded by Ms. Jones and unanimously carried, the Commission approved Resolution No. 1917 approving an application for real property 17 COMMISSION APPROVED RESOLUTION NO. 1917 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT THE VILLAS AT LAKE BLACKTHORN IN THE AIRPORT ECONOMIC DEVELOPMENT