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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 25, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />continue ... <br />At an assessed value of $179,187, the cost of <br />the abatement on each house will be <br />approximately: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $24,448 <br />With 5 Yr <br />Abatement $14,232 <br />Estimated Cost of 5 <br />Yr Abatement $10,217 <br />Mr. Shalliol noted that when the South Side <br />Development Area Development Plan was <br />adopted, it stipulated that there would be no <br />tax abatements given in the SSDA. When <br />that provision was passed, it was intended to <br />forbid industrial or commercial tax <br />abatement because of the impact on TIF. <br />Residential abatement has no impact on TIF <br />because residential cannot be counted in TIF. <br />Upon a motion by Mr. Blake, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved Resolution No. 2266 <br />approving an application for real property tax <br />deduction for properties located at 1810, <br />1818,1826,1834,1844,1852,1860, and <br />1868 Overlook Court in the South Side <br />Development Area. (Ullery Development, <br />LLC/Villas at Ireland Woods) <br />(4) Commission approval requested for <br />Resolution No. 2268 approving an <br />application for real property tax deduction <br />for property located at 104 North Niles <br />COMMISSION APPROVED RESOLUTION N0.2266 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTIES <br />LocATED AT 1810,1818,1826,1834,1844, <br />1852, 186, AND 1868 OVERLOOK COURT IN THE <br />SOUTH SIDE DEVELOPMENT AREA. ~ULLERY <br />DEVELOPMENT, LLC/VILLAS AT IRELAND <br />VUooDS) <br />61 <br />