Confirming Tax Abatement - Various Overlook Court - Ullery Development, LLC

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1200 CouNTr-Cn-r BUaDINc 227 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 PHONE 574/235-9371 FAX 574/235-9021 TDD 574/235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~ ECONOMIC DEVELOPMENT SHARON T. KENDALL EXECUTIVE DIRECTOR TAX ABATEMENT REPOR T TO: SOUTH BEND COMMON COUNCIL FROM: SHARON TERRELL SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: ULLERY DEVELOPMENT, LLC (THE VILLAS AT IRELAND WOODS) DATE: August 16, 2006 On August 7, 2006, a petition for residential tax abatement consideration for real property located at 1810, 1818, 1826, 1834, 1844, 1852, 1860, and 1868 Overlook Court was filed with the City Clerk by Ullery Development. A previous petition for residential tax abatement vas received from the petitioner on March 22, 2006; however, due to insufficient information regarding the tax key numbers of the properties, the petition was placed on hold. Pursuant to Chapter 2, Article 6, Section 2-77.1 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community and Economic Development for purposes of investigation and preparation of a report determining whether the area qualifies as a Residentially Distressed Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. The Department of Community and Economic Development has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT DESCRIPTION Ullery Development intends to construct (8) eight, new, single-family homes on 1.98 acres of land on urban infill lots. The homes will consist of two or three bedrooms and two baths, ranging in size from 1,463 to 1,906 square feet with eight-foot basement walls, a 23' x 24 foot attached garage, covered patio, optional fireplaces, and vinyl siding with stone and/or brick accents. Stove, dishwasher, microwave, and garbage disposal are included. Each home will be built on a minimum 66' x 138 foot lot which will have sod, sprinklers, and landscaping. The estimated price of each home will be between $190,000 to $300,000. The average price of each home is $243,750 ($1,950,000 / 8). Total taxes to be abated during the (5) hve- year abatement period for each home is estimated at $10,216 per home, resulting in a total of $81,728 for all (8) eight homes. COMMUNITY DEVELOPMENT' ECONOMIC DEVELOPMENT FINANCIAL HL PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 574/235-937[ EuzaeErH LEONARD EAX: 574/235-9697 574/235-9371