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A Both a six year and a ten year abatement <br />schedule were prepared for <br />consideration. Under the six year <br />schedule and a project value of <br />$1,600,000, the taxes to be paid without <br />abatement are estimated at $452,611. <br />With abatement the taxes are estimated to <br />be $187,079. Therefore, the cost of the <br />six year abatement would be approximately <br />$265,532. <br />Under the ten year schedule and a project <br />value of $1,600,000, the taxes to be paid <br />without abatement are estimated at <br />$754,352. With abatement the taxes are <br />estimated to be $380,948. Therefore, the <br />cost of the ten year abatement would be <br />approximately $373,404. <br />The staff recommends supporting the ten <br />year abatement based on the reasons <br />listed previously. <br />Mr. Gibney explained the difference <br />between the project cost and the after <br />Owl construction value of the project. The <br />value of the project was determined by <br />the income approach, which, is low <br />because these units are rent controlled. <br />Upon a motion by Mr. Faccenda, seconded <br />by Ms. Huddleston and unanimously <br />carried, the Commission approved <br />Resolution No. 1084 approving an <br />application for real property tax <br />deduction for property located in the <br />1200 block of West Washington in the West <br />Washington- Chapin Development Area. <br />(West Washington Homes Partnership) Mr. <br />Donoho declared a conflict of interest <br />and abstained from the vote. <br />d. Commission auvroval reauested for <br />Certificate of Waiver for Neighborhood <br />Housing Services for property located at <br />908 South Bend Avenue. <br />-6- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1084 APPROVING AN APPLICATION <br />FOR REAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED IN THE 1200 <br />BLOCK OF WEST WASHINGTON STREET <br />IN THE WEST WASHINGTON - CHAPIN <br />DEVELOPMENT AREA (WEST WASHINGTON <br />HOMES PARTNERSHIP) <br />