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South Bend Redevelopment Commission <br />Regular Meeting - March 5, 1999 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />A review of the Tax Abatement Ordinance <br />finds that the Department of Community <br />and Economic Development (Division of <br />Redevelopment), Board of Public Works <br />and American Home Dreams, Inc.) meet <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 $1.4 <br />million, the taxes generated over the five - <br />year period will be approximately <br />$9,581.33 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 $2,451.04. <br />Ms. Schwartz stated that she is not <br />comfortable addressing the petition for tax <br />abatement until the properties have been <br />conveyed to the new owner. Mrs. Kolata <br />stated that the City has signed petitions in <br />the past when there's been an executed <br />Contract for Sale of Land but where we <br />have not yet actually closed on the <br />property. <br />Ms. Schwartz made a motion to table item ITEM 6.C. WAS TABLED <br />6.c. until these properties have been <br />conveyed to the new owner, or at least, the <br />agreement to convey the properties has <br />been reached. There was no objection and <br />item 6.c. was tabled. <br />HAWPDATATOMMSM030599.MIN -9- <br />