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South Bend Redevelopment Commission <br />Regular Meeting - May 15, 1998 <br />5. OLD BUSINESS (CONT.) <br />b. continued.... <br />the petition and finds the properties to be <br />properly zoned for the proposed project; <br />however, a rezoning of the properties will <br />be pursued to change the rezoning from B <br />residential, which allows multi - family, to <br />A residential which is single family only. <br />A review of the South Bend <br />Redevelopment designation areas finds <br />that the properties are located in the <br />Sample -Ewing Development Area, which <br />is a Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that American Home Dreams, Inc. <br />meets the qualifications for a five year <br />residential tax abatement under Single <br />Family Real Property Abatement. <br />Using the estimated project cost of <br />$70,000 for each home over the five -year <br />period, the taxes generated will total <br />approximately $9,209.96. Taxes abated <br />for each home over the five -year period <br />will be approximately $7,130.29. Taxes <br />still paid with the abatement for each <br />home over the five -year period will be <br />approximately $2,079.67 <br />Upon a motion by Mr. Blake, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission adopted Resolution No. 1602 <br />approving an application for real property <br />I an <br />