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South Bend Redevelopment Commission <br />Regular Meeting -May 2, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />Upon a motion by Mr. Downes, seconded by <br />Dr. Varner and unanimously carried, the <br />Commission approved Resolution No. 2451 <br />approving an application for real property tax <br />deduction for property in the Airport <br />Economic Development Area (Old Fort <br />Building Supply) <br />(2) Commission approval requested for <br />Resolution No. 2452 approving an <br />application for real property tax deduction <br />for property in the Airport Economic <br />Development Area (Villas at Lake <br />Blackthorn, Section 1) <br />Mr. Mathia noted that Section I of the Villas <br />at Lake Blackthorn was granted afive-year <br />residential real property tax abatement on <br />December 9, 2002. The Council's resolution <br />confirmed its residentially distressed area <br />(RDA) designation approved November 12, <br />2002 in its declaratory resolution. The RDA <br />designation begins on the date the <br />declaratory resolution was approved and runs <br />for five years. The Villas at Lake Blackthorn <br />received a one year extension on the RDA <br />designation, understanding that Cooreman <br />Realty Group would petition for an <br />additional five years of tax abatement this <br />year to allow the developer time to complete <br />the sale of all lots in Section I. <br />Section I has a total of one hundred one <br />home sites, fifty-one of which are still <br />available for sale. The subdivision is located <br />on approximately 56 acres, with a large lake, <br />COMMISSION APPROVED RESOLUTION NO. 2451 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY IN <br />THE AIRPORT ECONOMIC DEVELOPMENT UREA <br />(OLD FORT BUILDING SUPPLY <br />6 <br />