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South Bend Redevelopment Commission <br />Regular Meeting -April 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />C. Tax Abatements <br />() continued... <br />property tax deduction for property in the <br />Airport Economic Development Area. (Mack <br />Tool & Engineering, 2820 Viridian Dr.) <br />(2) Commission approval requested for <br />Resolution No. 2240 approving an <br />application for real property tax deduction <br />for property in the Northeast <br />Neighborhood Development Area. <br />(Thomas and Shannon Guinan, 915 N. <br />Notre Dame Ave.) <br />Thomas and Shannon Guinan are planning to <br />build a new 2,800 sft home at 915 North <br />Notre Dame Avenue. The home will have <br />eight rooms and a basement. The cost of the <br />home will be approximately $380,000. <br />The property is properly zoned for the <br />proposed use. The property is within the <br />Northeast Neighborhood TIF area; therefore, <br />the petition for real property tax abatement <br />must first be approved by the Commission. <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $42,750 <br />With 5 Yr <br />Abatement $31,939 <br />Estimated Cost of 5 <br />Yr Abatement $10,810 <br />Mr. Guinan noted that his family will be <br />moving from Granger to take advantage of <br />the Notre Dame Faculty/Staff Housing <br />Program. Theirs will be the fourth house <br />DR. ) <br />12 <br />