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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 9, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) Commission approval requested for <br />Resolution No. 2249 approving an <br />application for real property tax deduction <br />for property located at 936 Notre Dame <br />Avenue in the Northeast Neighborhood <br />Development Area. (Ani Aprahamian) <br />Mr. Schalliol gave the staff report on the <br />project. Ani Aprahamian is preparing to <br />build a new home on the above listed <br />property. The home will be approximately <br />3,000 square feet. It will have a living room, <br />dining room, four bedrooms, and five <br />bathrooms, with atwo-car garage. The cost <br />of the home will be approximately $450,000. <br />Dr. Aprahamian plans to complete <br />construction by June 2007. <br />Dr. Aprahamian has not been associated with <br />any previous tax abatements. The property is <br />properly zoned for the proposed use. The <br />property is located in the Northeast <br />Neighborhood Development Area, which is a <br />tax increment allocation area; therefore, <br />approval is required from the Redevelopment <br />Commission. The project qualifies for five <br />years of residential tax abatement under the <br />tax abatement ordinance. <br />Assuming a project cost of $450,000, the cost <br />of the abatement is estimated as follows: <br /> Estimated Taxes <br />Over 5 Yrs <br />Without Abatement $24,342 <br />With 5 Yr Abatement $8,195 <br />Estimated Cost of 5 Yr <br />Abatement <br />$16,147 <br />5 <br />