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South Bend Redevelopment Commission <br />Regular Meeting - August 1, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />the Tax Abatement Ordinance finds that <br />Garden Homes meets the qualifications for <br />a five year real property tax abatement. <br />Using a project cost of $75,000 and <br />realizing that the tax abatement is capped <br />at $12,000 of assessed valuation, taxes <br />generated over five years total <br />approximately $11,184.61. Taxes abated <br />over five years total approximately <br />$8,012.86. Taxes still paid with the <br />abatement total approximately $3,171.76. <br />Ms. Andrews presented to the <br />Commission before and after pictures of <br />houses located on LaSalle Street that were <br />rehabbed with HOME funds. <br />Dea Andrews presented drawings of a one- <br />story house and a two -story house that will <br />be constructed on lots located on LaSalle <br />Street. She noted that one of the houses <br />will be constructed on a lot that already <br />has a garage located on it. The other <br />house that will be constructed will have a <br />garage added at a later date. <br />She noted that the use of tax abatement is <br />really a very important tool for South <br />Bend Heritage to get developers interested <br />in working on projects in distressed <br />neighborhoods. She noted that one of <br />South Bend Heritage's aims is to get more <br />and more private investment in the inner <br />city neighborhoods and that the tax <br />H:\ HOME\CPHIPPS \"DATA \COMMSM080197.MIN -7- <br />