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AM 01-08-99
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AM 01-08-99
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South Bend Redevelopment Commission <br />Special Meeting - January 8, 1999 <br />6. NEW BUSINESS (CONT.) <br />i. continued.... <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />properties located at 1529 and 1533 <br />Lebanon and 804 Dayton are in the <br />Sample -Ewing Development Area, which <br />is a Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The remainder of the locations are not in a <br />Redevelopment Area. <br />A review of the Tax Abatement <br />Ordinance, finds that Eagle Associates <br />meets the qualifications for a five year <br />co residential tax abatement under Single <br />Family Real Property Abatement. <br />Using the estimated project cost of <br />$77,500 per unit, the taxes generated over <br />the five -year period will be approximately <br />$10,324.07 per unit. Taxes abated over <br />the 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 $3,193.78 per unit. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission adopted Resolution No. 1666 <br />approving an application for real property <br />tax deduction for properties at 1529 and <br />1533 Lebanon and 804 Dayton in the <br />Sample -Ewing Development Area. (Pierre <br />A. Smith (d.b.a. Eagle Associates) <br />HAWPDATATOMMSM010899.MIN -15- <br />COMMISSION ADOPTED RESOLUTION NO. 1666 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTIES AT <br />1529 AND 1533 LEBANON AND 804 DAYTON IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. (PIERRE A. <br />SMITH (D.B.A. EAGLE ASSOCIATES) <br />
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