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South Bend Redevelopment Commission <br />Regular Meeting - February 16, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. Continued... <br />B.L. Builders was granted a five year <br />residential real property tax abatement <br />for a series of lots in the Emerson <br />Forest subdivision through Resolution <br />No. 2330 -96, passed on January 8, <br />1996. The building commissioner has <br />reviewed the petition and has found the <br />properties to be properly zoned for the <br />proposed use. The property is not <br />located in an area presently designated <br />as a Tax Abatement Impact Area. The <br />property is located in the Sample /Ewing <br />Development Area which is a Tax <br />Incremental Financing Allocation Area; <br />therefore, the petition first requires the <br />approval of the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner <br />meets the qualifications for a five year <br />real property tax abatement. <br />The cost of each abatement is 100 % of <br />the taxes due over a five year period on <br />an assessed valuation of $12,000 or <br />less. With a project cost of $60,000, it <br />is estimated that each tax abatement <br />would save the home owner /cost the <br />city a total of $7,481.35. <br />Mr. Beitzinger noted that the report <br />indicated that the homes will have <br />central air. It has been brought forward <br />that B.L. Builders will not be installing <br />central air. That needs to be deleted <br />from the report. <br />-4- <br />