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South Bend Redevelopment Commission <br />Regular Meeting - November 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />Allocation Area; therefore, the tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement, as <br />amended, finds that G & M Properties <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 />$1,365,000, the taxes generated over the <br />five -year period will be approximately <br />$8,467.22 per unit. Taxes abated over the <br />five -year period will be approximately <br />$7,130.29 per unit. Taxes still paid with <br />the abatement over the five -year period <br />will be approximately $1,336.93 per unit. <br />Using the estimated project cost of <br />$1,470,000, the taxes generated over the <br />five -year period will be approximately <br />$9,209.96 per unit. Taxes abated over the <br />five -year period will be approximately <br />$7,130.29 per unit. Taxes still paid with <br />the abatement over the five -year period <br />will be approximately $2,079.67 per unit. <br />Upon a motion by Mr. Blake, seconded by <br />Mr. Faccenda and unanimously carried, <br />the Commission adopted Resolution <br />No. 1648 approving an application for real <br />property tax deduction for property in the <br />Sample -Ewing Development Area. (G & <br />M Properties) <br />HAWPDATATOMMSMI 10698.MIN -11- <br />COMMISSION ADOPTED RESOLUTION NO. 1648 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY IN <br />THE SAMPLE -EWING DEVELOPMENT AREA. (G & <br />M PROPERTIES) <br />