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South Bend Redevelopment Commission <br />Regular Meeting -May 2, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(2) continued... <br />a gazebo park, and another small year-round <br />pond. Homes in Section I average 1,800 sft <br />with three bedrooms, two baths and a two car <br />garage. The average value of the homes is <br />$250,000. Section II has a separate tax <br />abatement and is not located in any tax <br />increment allocation area administered by the <br />Redevelopment Commission. <br />Taxes to be abated during the five-year <br />abatement period are estimated at $10,219 <br />per home, or a total of $521,169 for the fifty- <br />one unsold sites. The taxes to be paid during <br />the five-year abatement period for each home <br />are estimated at $14,960, or atotal of <br />$762,960 for the unsold sites. <br />Mr. Mathia noted that Cooreman Realty <br />Group has received two previous tax <br />abatements, the one year extension, and has a <br />five-year abatement pending for Section II of <br />the Villas at Lake Blackthorn. The property <br />is properly zoned for the proposed use. The <br />property is located in the Airport Economic <br />Development Area, a tax increment <br />allocation area; therefore, approval of the <br />abatement by the South Bend Redevelopment <br />Commission is required. The project <br />qualifies for five years of residential tax <br />abatement under the tax abatement <br />ordinance. It is anticipated that the term of <br />the new RDA will be made consecutive with <br />the term of the existing RDA, i.e., from <br />November 12, 2008 through November 11, <br />2013. <br />7 <br />