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Filed in Clerk's Office <br /> TAX ABATEMENT REPORT <br /> MAR 2 0 2024 <br /> TO: South Bend Common Council Bianca Tiracio <br /> City Clerk, South Build, IN <br /> FROM: Erik Glavich, Director, Growth and Opportunity <br /> SUBJECT: Residential Real Property Tax Abatement Petition for Cross Community, Inc. <br /> DATE: April 19, 2023 <br /> On March 30, 2023, a tax abatement petition for Cross Community, Inc., was filed with the <br /> Office of the City Clerk. The petition seeks consideration for a residential development real <br /> property tax abatement for the completion of two new 2-story homes that will range from 1,400 <br /> to 1,600 square feet. These new houses will be sold to first time homebuyers who have <br /> participated in financial/credit building workshops. <br /> Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South <br /> Bend, this petition was referred to the Department of Community Investment for purposes of <br /> investigation and preparation of a report determining whether the area qualifies as an Economic <br /> Revitalization Area or a Residentially Distressed Area pursuant to Indiana Code 6 1.1-12.1 and <br /> all zoning requirements have been met. <br /> The Department of Community Investment has reviewed the petitions (a copy of which each is <br /> attached), investigated the area, and makes the following report. <br /> Project Summary <br /> • The petitioner, Cross Community, Inc., plans to build two new single-family houses at <br /> 724 and 726 Harrison Ave. These new houses will range from 1,400 to 1,600 square <br /> feet and will feature 3 bedrooms, 2.5 bathrooms, and a finished basement. <br /> • The intended occupants will be first time homebuyers who have participated in <br /> financial/credit building workshops. <br /> • The petitioner is investing a total of$440,000 to develop these two new houses. <br /> • These houses will be built in two empty lots where former houses had been torn down. <br /> The lots had become abandoned, vacant, and blighted. <br /> Tax Estimates <br /> The petitioner qualifies for a five-year(5) residential real property tax abatement. <br /> • Current taxes for 2022: $86 <br /> • Total estimated taxes during the five-year (5) abatement period: $21,303 <br /> • Estimated taxes being abated during the abatement period: $17,978 <br /> • Estimated total taxes to be paid during the abatement period: $3,325 <br />