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1200 COUNTY'CI'T'Y BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND,INDIANA 46601-1830 <br />PHONE 574/235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTII BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />Apri125, 2008 <br />Council Member Derek D. Dieter, Chairperson <br />Community & Economic Development Committee <br />South Bend Common Council <br />4th Floor, County City Building <br />South Bend, IN 46601 <br />RE: Residential Real Property Tax Abatement Petition for: <br />COOREMAN REAL ESTATE GROUP, INC. (The Villas at Lake Blackthorn -Section I) <br />Dear Council Member Dieter: <br />Please find attached the Department of Community & Economic Development's report on a residential <br />real property tax abatement petition submitted by Cooreman Real Estate Group, Incorporated. This <br />developer intends to develop fifty-one lots remaining in Section I of The Villas at Lake Blackthorn. <br />Also attached is a copy of the petition, Statement of Benefits form, and supporting information. <br />The report contains the department's findings relative to the above petition. The petitioner proposes to <br />develop the fifty-one lots at a cost of $12,750,000. The developer has sold fifty lots under an existing <br />tax abatement. The term for that abatement will expire in November and the developer is requesting a <br />new tax abatement in order to continue offering a tax abatement as an incentive for the sale of the <br />remaining lots. The project meets the qualifications for afive-year (5) real property tax abatement. The <br />petitioner will be available to meet with the Committee on Monday, May 12, 2008. <br />Should you or any of the other Council members have any questions concerning the report, or need <br />additional information, please feel free to call me at 235-5835. <br />Sincerely, <br />,~~ f~~7~ <br />Bob Mathia <br />Assistant Director, <br />Economic Development <br />Attachments <br />cc: South Bend Common Council Members <br />Mayor Stephen Luecke <br />Jeff Gibney <br />Don Inks <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINA*N,C.IA-L & PROGRAM <br />PAMELA C. MEYER DONALD E. INKS 1V1/uVAGEMENT <br />574/235-9660 5741235-9371 ELIZABETH LEONARD <br />FAX: 574/235-9697 5741235-9371 <br />