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South Bend Redevelopment Commission <br />Regular Meeting - February 16, 1996 <br />6. NEW BUSINFSS (Cont.) <br />b. Continued... <br />Mrs. Booth, representing B.L. Builders, <br />noted that the City tax assessment is <br />high— especially on new homes. <br />Without tax abatement, people are not <br />willing to build or purchase new homes <br />in the City limits. <br />The Commissioners suggested that B.L. <br />Builders place central air in the homes <br />they build as it will increase the value <br />of the homes. <br />Mrs. Booth noted that she would go <br />back to the developer with the <br />recommendation for central air in the <br />4 homes. <br />Mrs. Kolata asked if all the homes were <br />going to be built on a speculative basis. <br />If so, they can choose if they would <br />like central air or not. <br />Mrs. Booth noted that all homes would <br />be built on a spec basis. She stated <br />having central air or not having central <br />air may not be as much of an issue as <br />having a new affordable home. <br />Ms. Auburn asked what the payments <br />would be for a home like this? <br />Mrs. Booth noted that with a 10 % <br />interest rate and the tax abatement, <br />monthly payments should be $400- <br />$500. Payments of that size for a <br />$60,000 house encourages people to <br />move back into the City. <br />-5- <br />