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South Bend Redevelopment Commission <br />Regular Meeting - August 1, 1997 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />Incremental Financing Allocation Area, <br />therefore, the petition first requires the <br />approval of the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance as amended <br />finds that American Home Dreams, Inc. <br />meets the qualifications for a five year real <br />property tax abatement. <br />Using the total project cost of $745,000, <br />realizing that the tax abatement is capped <br />at $12,000 of assessed valuation, taxes <br />generated over five years total <br />approximately $11,101.14. Taxes abated <br />over five years total approximately <br />$8,012.86. Taxes still paid with the <br />abatement total approximately $3,088.29. <br />Rick Milton, the owner of American <br />Home Dreams, Inc., was not present at the <br />meeting. Ms. Schwartz asked Mike <br />Beitzinger what was the status, if he knew, <br />of the houses that tax abatements were <br />previously granted for. Mike Beitzinger <br />stated that one of the houses was <br />completed. He also noted that he had the <br />opportunity to walk through the finished <br />house and it is beautiful. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission adopted Resolution <br />No. 1535 approving an application for real <br />property tax deduction for property located <br />in the Sample -Ewing Development Area. <br />COMMISSION ADOPTED RESOLUTION NO. 1535 <br />APPROVING AN APPLICATION FOR REAL PROPERTY <br />TAX DEDUCTION FOR PROPERTY LOCATED IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. (AMERICAN <br />HOME DREAMS, INC.) <br />H:\I-IOME\ CPHIPPS \WPDATA \COMMSN\080197.MIN -10- <br />