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01-14-08 Council Meeting Agenda & Packet
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01-14-08 Council Meeting Agenda & Packet
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11/25/2008 1:22:12 PM
Creation date
1/10/2008 1:45:37 PM
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City Council - City Clerk
City Counci - Date
1/14/2008
Document Relationships
9816-08 Vacation - Alley - Meade, Kenwood
(Superseded by)
Path:
\Public\Common Council\Legislation\Ordinances\2008
9817-08 Establish Additional fund - Fund #435- TIF District
(Superseded by)
Path:
\Public\Common Council\Legislation\Ordinances\2008
Confirming Tax Abatement - 202 South Michigan Street - Various Floors - Key Bank, LLC (The Hinman Company)
(Superseded by)
Path:
\Public\Common Council\Legislation\Resolutions/Special Resolutions\2008
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1200 COUNTY-CrrY BU[LD WG <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/235-9371 <br />FAx 574(235-9021 <br />TDD 574/ 235-5567 <br />CITY" OF SOUTH BEND STEPHEN J. LUECKE, iVIAYOR <br />COMMUNITY ~~ ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: <br />FROM: <br />SUBJECT: <br />DATE: <br />SOUTH BEND COMMON COUNCIL <br />BOB MATHIA <br />RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />KENDALL-WEISS, LLP (Lafayette Falls: Phase III, Section Three, Lots Numbered <br />284, 302, 303', 395, 416 and 425 through 435) <br />December 5, 2007 <br />On November 30, 2007, a petition for residential tax abatement consideration for real property located in <br />Lafayette Falls, Phase III, Section Three was filed with the City Clerk by Kendall-Weiss. Pursuant to <br />Chapter 2, Article 6, Section 2-77.1 of the Municipal Code of the City of South Bend, this petition was <br />referred to the Department of Community and Economic Development for purposes of investigation and <br />preparation of a report determining whether the area qualifies as a Residentially Distressed Area pursuant to <br />I.C.6-1.1-12.1 and whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT DESCRIPTION <br />Kendall-Weiss intends to construct sixteen ('16); new, single-family homes on approximately 4.5 acres <br />of land. The total estimated cost of the 16 homes is $2,816,800: The homes will have three to four <br />bedrooms with 2 to 2.5 bathrooms and range in size from 1,200 to 2,500 square feet with attached <br />garages. Each home will also have a basement with eight foot walls. Phase III, Section Three will <br />include approximately 1,419 linear feet of public streets, private alleys for garage access and the <br />associated public and private utilities. The average cost of the homes will be $176,050. - <br />Taxes to be abated during the five-year (5) abatement period are estimated at $10,217 per home. The taxes <br />to be paid during the five-year (5) abatement period for each home are estimated at $6,380. Total taxes to <br />be abated for the 16 houses during the five (5) year abatement period are estimated at $163,467. Total taxes <br />to be amid during the five (5) year abatement period for the 16 houses are estimated at $102,080. <br />COMMUNITY DEVELOPMENT - ECONOMIC DEVELOPMENT-.. FINANCIAL HL PROGRAM <br />PAUELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LEONARD <br />FAX: 57~i/235-9C97 - ~ - ~ ~ 5741235-9371 <br />
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