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M ;1 IL <br />South Bend Redevelopment Commission <br />Regular Meeting - July 2, 1998 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />the West Washington- Chapin <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, <br />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 <br />Ordinance, as amended, finds that South <br />Bend Heritage Foundation 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 />$77,790 for each home, the taxes <br />generated over the five -year period will <br />be approximately $10,367.15. Taxes <br />abated over the five -year period for each <br />home will be approximately $7,130.29. <br />Taxes still paid over the five -year period <br />for each home will be approximately <br />$3,236.86. <br />Suzanne Koehler, Development Specialist <br />of the South Bend Heritage Foundation, <br />presented a site plan of the project to the <br />Commission. Mrs. Koehler stated that <br />the lots located within the 1300 block of <br />West Washington Street will be replatted. <br />She also stated that fifteen of the homes <br />would have mortgage subsidies that have <br />been secured through the HUD HOME <br />program. <br />HAWPDATA \C0MMSN\070298.MIN -10- <br />