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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1999 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />A review of the tax abatement records <br />finds that South Bend Heritage has been <br />associated with several previous tax <br />abatements. <br />The building commissioner has <br />reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed project. <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 />$77,790, per home, the taxes generated <br />over the five -year period will be <br />approximately $10,786.16, per home. <br />Taxes abated over the five -year period <br />will be approximately $7,418.48, per <br />home. Taxes still paid with the <br />abatement over the five -year period will <br />be approximately $3,367.68, per home. <br />HAW PDATA \COMMSN\052199.M1N -11- <br />