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South Bend Redevelopment Commission <br />Regular Meeting - October 6, 1995 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />the Sample -Ewing Development Area, <br />which is a 'Pax Incremental Financing <br />Allocation Area, therefore, the petition for <br />real property abatement first requires the <br />approval of the South Bend Redevelopment <br />Commission. <br />A review of the 'Pax Abatement Ordinance <br />finds that G & M Properties meets the <br />qualifications for a five year real property <br />tax abatement. <br />The cost of each abatement is 100 % of the <br />taxes due over a five year period on an <br />assessed valuation of $12,000 or less.. <br />With a project cost of $65,OOQ it is <br />estimated that each tax abatement would <br />save the home owner /cost the city a total <br />of $7,481.35. <br />Mr. Urbanski noted that they have built <br />these homes in other residential tax <br />abatement areas. The tax abatement is <br />passed on to the home owner. There is a <br />lot of interest in these homes in the city <br />due to a combination of low cost lots and <br />tax abatement. <br />Ms. Auburn asked what the profile is of <br />people who buy these homes. Mr. <br />Urbanski responded that they vary widely <br />from young families, single individuals, to <br />older couples, some with incomes to <br />$75,000 per year. <br />-10- <br />