04-28-08 Council Meeting Agenda & Packet

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TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BOB MATHIA SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: TAMPICO DEVELOPMENTS, LLC DATE: . April 9, 2008 On April 7, 2008, a petition for residential tax abatement consideration for un- platted real property located approximately ' /z mile south of the intersection of Jackson and Ironwood Roads on the east side of Ironwood (NW '/4, Section 32, T37N, R3E) was filed with the City Clerk by Brian Miller of Tampico Developments, LLC. Pursuant to Chapter 2, Article 6, Section 2 -77.1 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community and Economic Development for purposes of investigation and preparation of a report determining whether the area qualifies as a Residentially Distressed Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning requirements have been met. The Department of Community and Economic Development has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT DESCRIPTION Tampico Developments, LLC of 828 East Jefferson Boulevard, South Bend, IN intends to develop 9.82 acres of agricultural farmland into 31 residential lots. The lots will be located within the proposed development called Crescent Oaks. The development will include approximately 1,427 linear feet of public streets, one stormwater retention area, and the associated public and private utilities. The homes will be built by Weiss Homes and will range in size from 1,300 to 2,000 square feet and will include basements. The estimated price of each home is $185,000. Total taxes to be abated during the (5) five -year abatement period on one home are estimated at $10,262.19. Total taxes to be paid during the (5) five -year abatement period on one home are estimated at $7,451:34. For 31 homes, the taxes abated would be $318,127.89 for five years and the taxes paid would be $230,991.54 for five years. .