4868-20 Designating Real Property Tax Abatement for SB Mutual Homes II, L.P.

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Filed in Cinrk's Office CITY TAX ABATEMENT REPORT TO: South Bend Common Council FROM: Daniel Buckenmeyer, Director of Business Development AUG 19 2020 SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: South Bend Mutual Homes II, L.P. DATE: August 19, 2020 On Monday, July 7, 2020, a petition from South Bend Mutual Homes 11, L.P. was received and subsequently filed with the City Clerk for residential real property tar abatement consideration for 10 single-family homes in the Southeast neighborhood. Pursuant to Chapter 2, Article 6, Section 2-84.2 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY Ten (10) single-family homes at an approximate assessed value of $1,400,000. The homes will have 2 (2)BR homes, 3 (3)BR homes and 5 (4)BR homes. The total square footage is 13,203 sq. ft which is about 1,320 sq. ft per house. > The homes will have traditional architecture with front porches and rear garages to blend in with the surrounding neighborhood. A resident cooperative will manage the homes to encourage resident participation and long-term affordability. > Each home will have a full unfinished basement and a garage along with an energy- efficient design to meet the National Green Building Standards Silver designation. > This project is the second phase of the South Bend Mutual Homes and there is a waiting list of over 80 families for these homes. The project is important because it meets the affordable housing needs of the community. It will support other revitalization efforts in the Southeast neighborhood with providing quality housing for those that cannot immediately purchase a home. > The estimated cost of the construction project is $2,166,000