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South Bend Redevelopment Commission <br />Regular Meeting - April 17, 1998 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that BL Builders meets the <br />qualifications for a five -year residential <br />tax abatement under Single Family Real <br />Property Abatement. <br />Using the estimated project cost of <br />$75,000, per unit, the taxes to be <br />generated, per unit, over the five -year <br />period total approximately $9,952.70. <br />Taxes to be abated, per unit, total <br />approximately $7,130.29. Taxes still to be <br />paid, per unit, total approximately <br />$2,822.41. <br />John Chrisman stated that BL Builders <br />purchased several lots in the <br />Redevelopment Area. BL Builders <br />intends to construct affordable single - <br />family housing for first time homebuyers. <br />The homes will be in the $70,000 range. <br />Upon a motion by Ms. Schwartz, seconded COMMISSION ADOPTED RESOLUTION NO. 1599 <br />by Mr. Donoho and unanimously carried, APPROVING AN APPLICATION FOR REAL <br />the Commission adopted Resolution PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE SAMPLE -EWING DEVELOPMENT <br />No. 1599 approving an application for real AREA. (BL BUILDERS) <br />property tax deduction for property located <br />in the Sample -Ewing Development Area. <br />(BL Builders) <br />e. Staff report on disposition of land in the <br />Airport Economic Development Area. <br />Mr. Riggs asked permission to table item ITEM 6.E WAS TABLED <br />6.e. There was no objection and item 6.e. <br />was tabled. <br />-14- <br />