Confirming Tax Abatement - The Villas at Lake Blackthorn - Section 2 - Cooreman Real Estate Group, Inc

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RE: Cooreman Real Estate Group, Incorporated (The Villas at Lake Blackthorn -Section II) Apri125, 2008 Page 2 The entire subdivision of The Villas at Lake Blackthorn is made of Sections I and II. It is located on approximately 56 acres with a large lake, a gazebo park, and another small year around pond. Homes in Section II average 1500 square feet in area with three bedrooms, two baths and a two car garage. The average value of the homes in Section II is $175,000. Section I 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 paid during the five-year (5) abatement period for each home are estimated at $6,260. Total taxes to be abated for the 4 houses during the five (5) year abatement period are estimated at $40,876. Total taxes to be paid during the five (5) year abatement period for the 4 houses are estimated at $25,040. ABATEMENT QUALIFICATION 1. 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/Tyue Resolution No. Date S-year real property 3138-02 December 9, 2002 5-year real property 3223-03 August 11, 2003 1 year extension (for Section I) 3806-07 October 22, 2007 5-year real property Pending for Section I 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review ofthe South Bend Redevelopment designation areas finds that the property is not located in any of the development areas; therefore, approval of the tax abatement petition by the South Bend Redevelopment Commission is not 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 July 28, 2008, through July 27, 2013.