08-11-08 Council Meeting Agenda & Packet

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South Bend Common Council RE: Cleland Builders, Inc. (Jade Crossing -Section I) July 25, 2008 Page~2 The average cost to construct the remaining homes to be built in Section I is $138,000 each. The new homes will be between 1200 and 1600 square feet with three to four bedrooms, one to one and one-half baths, two car attached garages and full basements. The new homes will be consistent in size and style with what is already constructed in Section I. Taxes to be abated during the five-year (5) abatement period are estimated at $6,692 per home. The taxes to be >L during the five-year (5) abatement period for each home are estimated at $1,940. Total taxes to be abated for the 10 houses during the five (5) year abatement period are estimated at $66,920. Total taxes to be paid during the five (5) year abatement period for the 10 houses are estimated'at $19,400. Please note that the petitioner applied for a tax abatement on eleven lots, however, the Building Department reported that one of those lots, lot number 77, already had a building permit issued for it and a house constructed on it. Therefore, that lot, number 77, was deleted from the list and the total number of lots reduced from eleven to ten in the draft resolutions approving the tax abatement petition. The project's cost estimates and estimated taxes were reduced accordingly. ABATEMENT QUALIFICATION 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/Type Resolution No. Date 5-year real property 3205-03 June 23, 2003 5-year real property 3353-04 July 12, 2004 5-year real property 3518-OS September 12, 2005 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. However, as noted above, the Commissioner found that one of the lots listed in the petition already has a building permit issued for it and a house constructed on it. That. lot, number 77, was deleted from the resolutions approving the abatement. 3. A review of the South Bend Redevelopment designation areas finds that the properly 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, except for lot number 77, meets the qualifications fora (5) five-year residential tax abatement under Section 2- 77.1,Single Family Residential Construction.