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South Bend Redevelopment Commission <br />Regular Meeting - April 6, 2001 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />approximately $111,577. Therefore, the cost of <br />the abatement will be approximately $214,416 <br />over the five -year period. <br />Upon a motion by Mr. Faccenda, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 1832 <br />approving an application for personal property <br />tax deduction for property located in the Sample - <br />Ewing Development Area. (Mossbery & <br />Company, Inc.) <br />c. Commission approval requested for <br />Resolution No. 1833 approving an application <br />for real property tax deduction for property <br />located in the Sample -Ewing Development <br />Area. (American Home Dreams) <br />Ms. Moran reported that American Home <br />Dreams, Inc. will construct three new homes. <br />The homes will be 1800 sq. ft. each, with 3 <br />bedrooms, 2 '/2 baths, a full basement, and a two <br />car garage. The floor plan also includes a full <br />kitchen, great room, and laundry room. The sale <br />price of each home will be around $110,500, and <br />the homes will be available to low and moderate <br />income first time home buyers. Qualified buyers <br />will also be eligible for a mortgage subsidy of <br />between $15,000 and $17,000 through the St. <br />Joseph County Housing Assistance Office. The <br />property is properly zoned for the proposed <br />project; and the property is located in the <br />Sample -Ewing Development Area, which is a <br />Tax Incremental Allocation Area and qualifies <br />for a five -year tax abatement. <br />Without abatement, the taxes on the $110,500 <br />project would be approximately $16,154.19. <br />-7- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1832 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED IN THE SAMPLE -EWING <br />DEVELOPMENT AREA (MOSSBERG & <br />COMPANY, INC.) <br />