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RM 04-09-99
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RM 04-09-99
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - April 9, 1999 <br />6. NEW BUSINESS (CONT.) <br />a. continued... <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the West <br />Washington- Chapin Development Area, <br />which is a Tax Incremental Allocation <br />Area; therefore, the petition for real <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that South Bend <br />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 />$640,000, the taxes generated over the <br />five -year period will be approximately <br />$10,695.44 per unit. Taxes abated over <br />the five -year period will be <br />approximately $7,130.29 per unit. <br />Taxes still paid with the abatement over <br />the five -year period will be $3,565.15 <br />per unit. <br />Dea Andrews, South Bend Heritage <br />Foundation, presented a map of the <br />project to the Commission for its <br />consideration. <br />She stated that the land was previously <br />anticipated to be used to house Logan <br />Center residents. That project was not <br />carried out. <br />H: \WPDATA \C0MMSN\040999.MIN -7- <br />
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