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r <br />South Bend Redevelopment Commission <br />Regular Meeting - May 2, 1997 <br />6. NEW BUSINESS (Cont.) <br />e. continued.... <br />Impact Area. A review of the <br />Redevelopment allocation areas finds that <br />the property is located in the Sample <br />Ewing 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. A review <br />of the Tax Abatement Ordinance, as <br />amended, finds that American Home <br />Dreams, Inc. meets the qualifications for <br />a five year real property tax abatement. <br />With the project cost of $74,500, the <br />taxes generated, without abatement, <br />would be approximately $2,220.23 per <br />year over a five year period. With <br />abatement, the taxes would be <br />approximately $1,602.57. Therefore, the <br />cost of the abatement would be <br />approximately $617.66. <br />Mike Beitzinger introduced Rick Milton, <br />Executive Director of American Home <br />Dreams, Inc. <br />Mr. Donoho asked if this is the first house <br />of 16 houses. Mr. Milton stated that the <br />first house completed is located at 415 E. <br />Broadway and was rehabed. The <br />remaining houses would result from <br />American Home Dreams, Inc. acquiring <br />lots transferred from the City of South <br />Bend to American Home Dreams, Inc.; <br />or, by acquiring additional houses on lots, <br />have them demolished and constructing <br />-17- <br />