05-12-08 Council Meeting Agenda & Packet

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CITY OF SOUTH BEND, INDIANA PETITION FOR RESIDENTIAL TAX ABATEMENT CONSIDERATION The undersigned owner(s) of real property, located within the City of South Bend, hereby petition the Common Council of the City of South Bend for Residential Real Property tax abatement consideration and pursuant to I.C., 6-1.1-12.1-1, et seq., and South Bend Municipal Code Sec. 2- 76 et se .for this petition states the following: 1. Describe the proposed construction project, including information about square footage, numbers of rooms, amenities, the amount of land to be used, the proposed use of the improvements, and a general statement as to the importance of the project (use additional sheet for long project descriptions): Fifty One (51) homes in The Villas at Lake Blackthorn Section I - a single family home subdivision with a total of 101 home-sites, located on approximately 56+/- acres, with a large lake, a gazebo park, and another small year round pond. Homes average 1800 sq. feet, 3bdr/2bath/2car garage with an average market value of $250,000. The property has an existing abatement - Resolution number 3806-07 dated 10/22/2007, which expires in November 2008. This petition is a request to renew the abatement status for an additional 5 years. 2. Estimate the dollar value of the construction project (do not include land cost): $12.750,000.00 3. The real property for which tax abatement consideration is petitioned (Property) is owned or to be owned by the following individual(s) or corporations (if the business organization is publicly held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): Name Address Cooreman Real Estate Group, Inc. 4404 Technology Drive, South Bend, IN 46628 4. The commonly known address of the Property is: The Villas at Lake Blackthorn Section I and having tax key numbers and street addresses as on attached Exhibit D. 5. A legal description of said Property(s) is attached hereto, marked Exhibit A, and is incorporated herein. 6. A map and/or plat indicating the location of the Property(s) is attached hereto, marked Exhibit B, and is incorporated herein. 7. The current assessed valuation of the property before construction is: See Exhibit D. 8. Photographs of the Property, taken within two (2) weeks of the filing of this petition, are attached hereto, marked Exhibit C, and incorporated herein. List the real property taxes paid at the location during the previous two years, whether paid by the current owner or a previous owner: See Exhibit D. Petition for TA VLB 5EC I -Page 1 of 7