01-14-08 Community and Economic Development Committee

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Community and Economic Development Committee January 14, 2008 Page 2 In response to a question raised by Council Member White, Ms. Ruic stated that they have a prospective out-of-town tenant for about '/z of the space in the old 1St Source Bank Building. Approximately 10,000 square feet is available in total and she will verify the numbers this evening. Their goal is to have 100% backfilled. In response to a question from Council Member Oliver Davis, Ms. Ruic stated that a Letter of Intent will be forthcoming on the space which they are backfilling. Council President Rouse requested that Mr. Mathia file the documentation requested by Dr. Varner prior to the 7 pm meeting so that the Council may have time to review it. There was no one from the public to speak in favor or in opposition to the Bill. Council Member Puzzello made a motion, seconded by Council Member White that Bill No. 07-80 be recommended favorably. The motion passed. Bill No. 08-02: Declaratory Resolution fora 5-year Residential Real Property Tax Abatement For Kendall-Weiss, LLP for properties in Lafayette Falls, Phase III, § 3: Council Member Dieter called for a presentation on Bill No. 08-02 which is a request from Kendall-Weiss, LLP fora 5-.year residential real property tax abatement for various properties located on Mackey Court, Stewart Drive, Stadium Drive, and Brick Drive located in Lafayette Falls, Phase III, Section 3. Bob Mathia, Economic Development Assistant Director reviewed his December 5, 2007 report. He noted that Kendall-Weiss plans to construct sixteen (16) homes in Phase II, Section Three of the Lafayette Falls addition. Each home would have an estimated $10,217 abated over the five (5) years while paying $6,380 per home. Total taxes to be paid for the sixteen (16) homes is estimated to be $102,080. He noted that the petition meets the qualifications fora 5-year residential tax abatement pursuant to Section 2-77.1 Single Family Residential Construction of the South Bend Municipal Code. Derek Spier, AICP, of Abonmarche Consultants, LLC with office located at 750 Lincoln Way East in downtown South Bend made the formal presentation. He presented a 1- page map (copy attached). He noted that the sixteen (16) lots are located on the south side of Kern Road. Homes would run from 1,200 to 2,500 square feet, with the total project construction cost being $2,816.800. He noted that this is their 7th abatement request with 215 prior lots having been approved for abatement. Mr. Spier stated that tax abatement assists in the selling of the lots.