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South Bend Redevelopment Commission <br />Special Meeting - January 7, 2000 <br />6. NEW BUSINESS (CONT.) <br />g. continued... <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment Areas finds that the <br />property is located in the Sample -Ewing <br />Development Area; therefore, the petition <br />for residential real property tax abatement <br />requires the approval of the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that G & M Properties 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 />between $1,950,000 and $2,210,000, the <br />taxes generated over the five -year period <br />will be approximately $8,809.45, per unit. <br />Tax abated over the five -year period will <br />be approximately $7,418.48, per unit. <br />Taxes still paid with the abatement over <br />the five -year period will be approximately <br />$1,390.97, per unit. <br />-8- <br />