Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -December 21, 2007 <br />I. Other <br />(1) Schedule of agenda items. <br />Ms. Jones noted that she has requested that <br />Counsel research and report back on <br />schedules and timetables of items that appear <br />on the Commission agenda. She would like <br />to have discussion on this at the January 2, <br />2008 meeting. <br />7. PROGRESS REPORTS <br />A. Tax Abatement <br />Mr. Inks noted that staff has done a review of residential <br />tax abatements and wants to make a report to the <br />Commission. <br />Mr. Mathia noted that the number of individuals <br />applying for residential tax abatement was the same in <br />2007 as in 2006. However, the number of abatements <br />applied for by developers rose from 30 in 2006 to 150 in <br />2007. The value of construction related to the <br />residential abatements was $S.SM+ in 2006 and nearly <br />$41M in 2007. Assuming all the residences are built, <br />the additional taxes received on that construction over <br />the five year abatement period will be $212,000 from <br />the 2006 construction and $31M from the 2007 <br />construction. Mr. Mathia noted that even though giving <br />abatement to this new construction, the city gained <br />considerable taxes from the new residential <br />development. <br />Mr. Mathia also noted that in 2006 most of the new <br />housing development occurred in the West Washington <br />and Northeast Neighborhood Development Areas. In <br />2007 by far the most development occurred in areas <br />other than development areas, mostly on the south side. <br />8. NEXT COMMISSION MEETING <br />PROGRESS REPORTS <br />16 <br />