Reconfirming Tax Abatement - Villas at Lake Blackthorn Cooreman Real Estate

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227 W. JEFFERSON BOULEVARD SUITE 1400 S. SOUTH BEND, IN 46601 -1830 CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR COMMUNITY INVESTMENT SCOTT FORD, EXECUTrvE DIRECTOR October 14, 2013 Council Member Gavin Ferlic, Chairperson Community Investment Committee South Bend Common Council 4th Floor, County City Building South Bend, IN 46601 RE: Residential Real Property Tax Abatement Petition for: Cooreman Real Estate Group, Inc. Dear Council Member Ferlic: PHONE: 574/235 -9371 FAX: 574/235 -9021 On October 2, 2013 the Petitioner submitted a petition for residential tax abatement for real property for 51 lots located in Sections 1 and 2 at the The Villas of Lake Blackthorn. The petitioner previously had separate abatements on the lots in Section I and the lots in Section II. The Residentialy Distressed Area (RDA) designation for the lots in Section I expired on May 12, 2013. The RDA designation for the lots in Section II expired on July 27, 2008. The Department of Community Investment requested the customary report from the Building Department. That report revealed that five of the lots were zoned Local Business and that a building permit had been issued on another four lots. The petitioner has decided to remove the five commercially zoned lots from any further consideration. For the lots which have a building permit pulled we are asking for a one year extension on the previous abatement which was confirmed by the Common Council through Resolution 3868 -08. This is because anew abatement may not be issued on lots which already have a building permit that has been pulled from the Building Department. For the 42 lots which are zoned residential and for which no building permit has been pulled we are requesting an entirely new year residential abatement. Each home will cost approximately $250,000; the project cost for the 42 lots is $10,500.000. For the extension request, the project cost of the four homes is $1,000,000. A new spreadsheets which show the taxes abated for the four lots receiving an extension request is attached. There is also a spreadsheet attached which shows the taxes abated for the 42 lots receiving a new 5 year abatement. A representative of the Petitioner will be available to meet with the Committee on Monday, October 28, 2013. Should you or any of the other Council members have any questions concerning the report, or need additional information, please feel free to call me at 235 -9375. PIANNING NEIGHBORHOOD ENGAGEMENT ECONOMIC RESOURCES JITIN KAIN PAMELA C. MEYER DONALD E. INKS