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South Bend Redevelopment Commission <br />Regular Meeting -September 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />() continued... <br />Mr. Schalliol gave the staff report on the <br />project. Mark and Ruth Noll intend to <br />construct a new two-story residential <br />dwe lung o f 2, 3 60 square feet with <br />approximately eight rooms, atwo-car garage <br />and a half finished basement. The home will <br />be constructed on a vacant lot as part of the <br />Northeast Neighborhood Redevelopment <br />Project. The estimated cost of the project <br />will be $350,000. <br />The Nolls have not received any previous tax <br />abatements. The property is properly zoned <br />for the project. The property is in the <br />Northeast Neighborhood Development Area, <br />a Tax Incremental Allocation Area; therefore <br />the abatement must be approved by the <br />Redevelopment Commission. The project <br />qualifies for afive-year residential tax <br />abatement under the tax abatement <br />ordinance. <br />Assuming a constant tax rate, the cost of the <br />abatement over five years is as follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $36,935 <br />With 5 Yr <br />Abatement $26,672 <br />Estimated Cost of 5 <br />Yr Abatement $10,263 <br />4 <br />