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TAX ABATEMENT REPORT Filed in Clerk's Office <br />MAY 0 8 2024TO: 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