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South Bend Redevelopment Commission <br />Regular Meeting -December 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />continue ... <br />will be approximately $382,000. Total taxes <br />to be abated during the five-year abatement <br />period is expected to be approximately <br />$10,262. Total taxes to be paid during the <br />abatement period is estimated at $30,400. <br />The property is properly zoned for the <br />proposed use. The property is in the <br />Northeast Neighborhood Development Area, <br />which is a Tax Increment Allocation Area; <br />therefore, approval by the Redevelopment <br />Commission is required. The project <br />qualifies for five years of real property tax <br />deduction under the city's tax abatement <br />ordinance. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved Resolution No. 2283 <br />approving an application for real property tax <br />deduction for property located at 1127 N. <br />Notre Dame Avenue in the Northeast <br />Neighborhood Development Area. (Don & <br />Sara Pope Davis) <br />C. Housing <br />(1) Commission approval requested for Loan <br />and Grant in connection with the South <br />Bend Home Improvement Program for <br />property located at 1140 N. Sheridan <br />Street. (Patricia L. Pipp) <br />Mr. Inks noted that the loan is for $5,900. <br />The grant is $5,735.95. <br />COMMISSION APPROVED RESOLUTION N0.2283 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1127 N. NOTRE DAME AVENUE IN <br />THE NORTHEAST NEIGHBORHOOD <br />DEVELOPMENT AREA. (DON & SARA POPE <br />DAMS) <br />18 <br />