Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -May 19, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />continue ... <br />therefore, approval of the tax abatement <br />petition by the South Bend Redevelopment <br />Commission is required. The project meets <br />the qualifications for five year residential tax <br />abatements under the tax abatement <br />ordinance. <br />The cost of tax abatement is estimated as <br />follows for each $125,000 home: <br /> Estimated Taxes <br />Over 5 Yrs <br />Without Abatement $11,316 <br />With 5 Yr Abatement $527 <br />Estimated Cost of 5 <br />Yr Abatement <br />$10,788 <br />Mr. Urbanski noted that Garden Homes has <br />been constructing infill housing in South <br />Bend for about twelve years. They are now <br />working with South Bend Heritage and the <br />Northeast Neighborhood Revitalization <br />Organization in the northeast neighborhood <br />and West Washington neighborhood. He <br />noted that the Hill St. property is being <br />developed with Madison Center which is <br />offering the property to its employees at no <br />cost. <br />Mr. King asked how many homes Garden <br />Homes has built in South Bend with <br />residential tax abatement and whether they <br />would have built in South Bend without the <br />residential tax abatement. Mr. Urbanski <br />responded the total is approximately 140 <br />homes which would not have been built <br />14 <br />