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South Bend Redevelopment Commission <br />Regular Meeting — February 1, 2002 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) Commission approval requested for <br />Resolution No. 1859, a resolution of the <br />South Bend Redevelopment Commission, <br />approving an application for real <br />property tax deduction. (American Home <br />Dreams) <br />Mr. Mariani gave the staff report on the <br />project. The City of South Bend still owns <br />the properties at 704, 705, 719, 720, 732, <br />733, 744, 747, 758, 761, 775, 776 Roland <br />Court. So the Board of Works is applying <br />for the tax abatement on behalf of American <br />Home Dreams. <br />American Home Dreams, Inc. will construct <br />twelve (12) new homes of approximately <br />1,800 sq ft each, with 3 bedrooms, two and a <br />half baths, a full basement, and an attached <br />two -car garage. The floor plan also includes <br />a full kitchen with a breakfast nook, family <br />room, great room and first floor laundry <br />room. The sale price of each home will be <br />around $110,500, making the total project <br />cost approximately $1,326,000. <br />American Home Dreams, Inc. has numerous <br />previous tax abatements since 1997. The <br />property is properly zoned for the proposed <br />project. The properties are located in the <br />Sample/Ewing Development Area, which is <br />a Tax Incremental Allocation Area, therefore <br />the petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. The project <br />qualifies for a five -year residential tax <br />abatement. <br />2 <br />