05-12-08 Council Meeting Agenda & Packet

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South Bend Redevelopment Council RE: Cooreman Real Estate Group, Incorporated (The Villas at Lake Blackthorn -Section I) Apri125, 2008 Page 2 through November 11, 2008. At the time the extension request was submitted it was understood that the developer would return this year to submit a petition for a new five-year tax abatement to allow the developer time to complete the sale of all lots in Section I of the subdivision. Fifty-one lots are available in Section I which has a total of one hundred one home sites. The entire subdivision of The Villas at Lake Blackthorn is made up of Sections I and II. The subdivision is located on approximately 56 acres with a large lake, a gazebo park, and another small year around pond. Homes in Section I average 1800 square feet in area with three bedrooms, two baths and a two car garage. The average value of the homes in Section I is $250,000. Section II has a separate tax abatement. Taxes to be abated during the five-year (5) abatement period are estimated at $10,219 per home. The taxes to be >l aid during the five-year (5) abatement period for each home are estimated at $14,960. Total taxes to be abated for the 51 houses during the five (5) year abatement period are estimated at $521,169. Total taxes to be >l aid during the five (5) year abatement period for the 51 houses are estimated at $762,960. ABATEMENT QUALIFICATION A review of the tax abatements previously granted finds that the petitioner has been associated with or been granted the following previous tax abatements. Term/Type Resolution No. Date 5-year real property 3138-02 December 9, 2002 5-year real properly 3223-03 August 11, 2003 1 year extension (for Section I) 3806-07 October 22, 2007 5-yeat real property Pending for Section II 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review of the South Bend Redevelopment designation areas finds that the property is located in the Airport Economic Development Area which is a Tax Incremental Allocation Area; therefore, approval of the tax abatement petition by the South Bend Redevelopment Commission is required.. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petition meets the qualifications fora (5) five-year residential tax abatement under Section 2-77.1, Single Family Residential Construction. In this particular case, the term of the new RDA will be made consecutive with the term of the existing RDA i.e. from November 12, 2008, through November 11, 2013.