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TAX ABATEMENT REPORT Filed in Clerk's Office <br /> MAY 0 8 2024 <br /> TO: South Bend Common Council <br /> Bianca Tirade <br /> FROM: Mark Bemenderfer, Manager, Business Development City Clerk, South Bend, IN <br /> SUBJECT: Residential Real Property Tax Abatement Petition for the Cross Community, <br /> Inc <br /> DATE: May 8, 2024 <br /> On May 8, 2024, a tax abatement petition for Cross Community, Inc was filed with the Office of <br /> the City Clerk. The petition seeks consideration for a residential development real property tax <br /> abatement for the completion of one new 2-story home that will range from —1.4k-1.6k sqft. <br /> This new house will be sold to first time homebuyers who have participated in financial/credit <br /> 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 pursuant to Indiana Code § 6 1.1-12.1 and all zoning requirements have <br /> been met. <br /> The Department of Community Investment has reviewed the petition (a copy of which is <br /> attached), investigated the area, and makes the following report. <br /> Project Summary <br /> • The petitioner, Cross Community, Inc, plans to build one new single-family house at 728 <br /> Harrison Ave. This new house will range from --1.4k-1.6k sqft, and will feature 3 <br /> bedrooms, 2 bathrooms, and a garage. <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$270,000 to develop this new house. <br /> • This house will be built in an empty lot where the former house had been torn down. <br /> The lot has 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 2023 Pay 2024: $145.50 <br /> • Total estimated taxes during the five-year (5) abatement period: $13,253 <br /> • Estimated taxes being abated during the abatement period: $7,633 <br /> • Estimated total taxes to be paid during the abatement period: $5,620 <br />