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227 W. JEFFERSON BOULEVARD <br />Su1rF 1400 S. <br />Sourn BEND, IN 46601 -1830 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />COMMUNITY INVESTMENT <br />SCOTT FORD, EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: KATHY HAHN <br />PHONE: 574/235 -9371 <br />FAX: 574/235 -9021 <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Cooreman Real Estate Group, Inc. <br />DATE: October 3, 2013 <br />On October 2, 2013 , a petition for residential tax abatement consideration for real property located at The <br />Villas at Lake Blackthorn, Sections I and II was filed with the City Clerk by Cooreman Real Estate Group, <br />Inc. Pursuant to Chapter 2, Article 6, Section 2 -77.1 of the Municipal Code of the City of South Bend, this <br />petition was referred to the Department of Community Investment for purposes of investigation and <br />preparation of a report determining whether the area qualifies as a Residentially Distressed Area pursuant to <br />I.C.6 -1.1 -12.1 and whether all zoning requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is attached), <br />investigated the area, and makes the following report. <br />PROJECT DESCRIPTION <br />The petitioner intends to develop fifty -one (5 1) lots in the Villas of Lake Blackthorn, Sections I and II. The <br />petitioner previously had an abatement on those lots and that abatement expires this November. The <br />petitioner states in his petition that the lots have been slow to sell due to economic market factors, including <br />the tightening of the credit market, and the decline in real estate property values which have compounded the <br />impact of higher than comparable city taxes in this subdivision. Additionally, the majority of unsold lots in <br />this neighborhood are located adjacent to the US31 Bypass- a negative that has been proven to be an <br />immitigable factor in the slow growth of sales. Additionally, the new construction market has plummeted <br />from 800+ new homes annually to about 100 new homes. The tax abatement would provide an incentive for <br />citizens to invest in new construction within the city limits of South Bend. <br />The homes will be located on a site with a total of 114 home sites on 56+ acres having a large lake, a gazebo <br />park, and another small year round pond. The homes will average 1,800 square feet with three bedrooms <br />ASSISTANT EXECUTNE DIRECTOR PIANNING N EIGHBORHOOD ENGAGEMENT ECONOMIC RESOURCES <br />CHRISFIELDING JITIN KAIN PAMELA C. MEYFR BROCKZEEB <br />