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South Bend Redevelopment Commission <br />Regular Meeting - September 18, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />importance of this project is to contribute <br />to the revitalization of the distressed <br />properties. The estimated cost per unit is <br />$69,500 with a total estimated project cost <br />of $417,000. <br />A review of tax abatements previously <br />granted, finds that Phoenix Development <br />has not been granted any previous tax <br />abatements. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />properties located at 1911, 1915, 1919 and <br />1923 South Walnut Street are in the <br />Sample -Ewing Development Area, which <br />is a Tax Incremental Allocation Area; <br />therefore, the properties at 1911, 1915, <br />1919 and 1923 South Walnut Street must <br />first be approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Phoenix Development meets the <br />qualifications for a five -year residential <br />tax abatement under Single Family Real <br />Property Abatement. <br />Using the estimated cost of $69,500 per <br />unit, the taxes generated per unit over the <br />five -year period will be approximately <br />$9,135.69. Taxes abated per unit over the <br />H: \WPDATA \C0MMSN\091898.M1N -4- <br />