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South Bend Redevelopment Commission <br />Regular Meeting - June 19, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />property tax abatement in June 1996. (4) <br />A five -year real property tax abatement in <br />July 1997. (5) A five -year real property <br />tax abatement in May 1998. (6) A five - <br />year real property tax abatement in May <br />1998. <br />Garden Homes is in compliance with the <br />reporting requirements for each of the <br />previous abatements. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment areas, finds that the <br />properties located at 2018 and 2024 South <br />Prospect Street are in the Sample -Ewing <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />properties at 2018 and 2024 South <br />Prospect Street must first be approved by <br />the South Bend Redevelopment <br />Commission. <br />A review of the Tax Abatement <br />Ordinance, finds that Garden Homes meets <br />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, the taxes <br />generated over the five -year period will be <br />$9,209.96 for each home. Tax abated over <br />the five -year period will be approximately <br />H: \WPDATA \COMMSN\061998.MIN -5- <br />