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RM 06-25-99
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - June 25, 1999 <br />6. NEW BUSINESS (CONT.) <br />a. continued... <br />A review of the tax abatement, finds <br />that American Home Dreams, Inc. <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 $1.4 <br />million (excluding land), the taxes <br />generated over the five -year period will <br />be approximately $9,581.33, per unit. <br />Taxes abated over the five -year period <br />will be approximately $7,130.29, per <br />unit. Taxes still paid with the <br />abatement over the five -year period will <br />be approximately $2,451.04, per unit. <br />Upon a motion by Mr. Faccenda, <br />seconded by Mr. Blake and <br />unanimously carried, the Commission <br />adopted Resolution No. 1683 approving <br />an application for personal property tax <br />deduction for property at 638, 709, 713, <br />716, 717, 724, 725 and 728 E. <br />Pennsylvania in the Sample -Ewing <br />Development Area. (Board of Public <br />Works and American Home Dreams, <br />Inc.) <br />b. Commission approval requested for <br />Resolution No. 1686 approving an <br />application for personal property tax <br />deduction for property at 1137 S. <br />Lafayette Blvd. in the Sample -Ewing <br />Development Area. (Exacto, Inc.) <br />HAWPDATATOMMSM062599.MIN 6 <br />COMMISSION ADOPTED RESOLUTION NO. 1683 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />638, 709, 713, 716, 717, 724, 725 AND 728 E. <br />PENNSYLVANIA IN THE SAMPLE -EWING <br />DEVELOPMENT AREA. (BOARD OF PUBLIC WORKS <br />AND AMERICAN HOME DREAMS, INC.) <br />
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