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South Bend Redevelopment Commission <br />Regular Meeting — February 1, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />Using a project cost of $110,500 for each <br />house, the cost of the abatement is as <br />follows. oer house: <br />Taxes without abatement <br />16,154.19 <br />Taxes with abatement <br />8,589.30 <br />Cost of abatement <br />7,564.89 <br />Mr. Mariani explained that the Commission <br />transferred the property to the Board of <br />Public Works for the development of twelve <br />new homes as part of an ongoing partnership <br />with American Home Dreams. AHDI will <br />build a mix of ranch and two -story homes of <br />approximately 1800 square feet on a cul de <br />sac street. Tax abatement will help make <br />those homes more affordable to the low <br />income families who purchase them. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 1859 <br />approving an application for real property <br />tax deduction. (Board of Public Works on <br />behalf of American Home Dreams.) <br />B. Housing <br />There was no Housing business. <br />3 <br />COMMISSION APPROVED RESOLUTION NO. 1859 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION. (BOARD OF PUBLIC <br />WORKS ON BEHALF OF AMERICAN HOME <br />DREAMS.) <br />THERE WAS NO HOUSING BUSINESS. <br />