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South Bend Redevelopment Commission <br />Regular Meeting - June 19, 1998 <br />6. NEW BUSINESS <br />a. Commission approval requested for <br />Resolution No. 1610 approving an <br />application for real property tax <br />deduction for property located in the <br />Sample -Ewing Development Area. <br />(G & M Properties) <br />Mrs. Kolata stated that Garden Homes is <br />constructing four homes, but only two are <br />in the Tax Incremental Financing area. <br />The two properties in the TIF Allocation <br />area are located at 2018 and 2024 South <br />Prospect Street <br />Garden Homes intends to develop new, <br />three bedroom, five -room homes of 1,036 <br />sf, on a full 8' insulated basement. The <br />homes will have a 12' x 20' attached <br />garage, vinyl siding, stove, dishwasher, <br />range hood and garbage disposal. The <br />homes will be built on a minimum 40'x <br />120' lot that will be seeded upon <br />completion of the home. Per Garden <br />Homes, the importance of this project to <br />the City and the residents of the city is that <br />it will be building affordable homes on <br />infill lots in the City of South Bend. The <br />estimated cost per unit is between $65,000 <br />to $70,000 with a total estimated project <br />cost between $260,000 to $280,000. <br />A review of the tax abatements previously <br />granted, finds that Garden Homes has been <br />granted six previous tax abatements, and <br />they are as follows: (1) A five -year real <br />property tax abatement in August 1995. <br />(2) A five -year real property tax abatement <br />in October 1995. (3) A five -year real <br />HAWPDATA \C0MMSN\061998.MIN -4- <br />