Laserfiche WebLink
ybU Tq @F� <br /> 227 W.JFrrrRsoN Bold[:vARD �or I. I / I l ION L;574/235-9371 <br /> Srrrr 14005. Fnx:574/235'9021 <br /> SoImI BI:NO,IN46001-1830 <br /> CITY OF SOUTH BEND PETE t3UTTRAEG. MAYOR <br /> COMMUNITY INVESTMENT <br /> SCOTT FORD, EXECUTIVE DIRECTOR <br /> TAX ABA TEMENT REPORT <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: KATHY HAI IN <br /> SUBJECT: MULTIFAMILY REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> Mecca Companies, Inc. <br /> DATE: November 5, 2013 <br /> On November 1, 2013 , a petition for residential tax abatement consideration for real property located at <br /> 1106 201h Street, 1112 201h Street, and 2007 North Side Blvd., was filed with the City Clerk by Mecca <br /> Properties, Inc. Pursuant to Chapter 2, Article 6, Section 2-77.1 of the Municipal Code of the City of South <br /> Bend, this petition was referred to the Department of Community Investment for purposes of investigation <br /> and preparation of a report determining whether the area qualifies as a Residentially Distressed Area <br /> pursuant to 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 /> Mecca Companies, Inc. intends to purchase the site from South Bend heritage Foundation and Amir <br /> Pouya. Mecca Companies, Inc. is a real estate development firm located in Indianapolis that specializes in <br /> student housing projects. Founded in 2006, Mecca has developed over 1,750 units throughout the <br /> Midwest. They plan to acquire and rehabilitate the Northside Terrace Apartments near the campus of IU <br /> South Bend. The site currently has 44 units. There are three buildings and one is vacant. They will <br /> modernize all three buildings and the vacant building will be completely reconfigured. After completion, <br /> the site will have 66 units. The land acquisition is 52,125,000 and the building improvements will be <br /> $3,700,000. <br /> Total taxes to be abated during the (9) nine-year abatement period are estimated at $317,194. Total taxes <br /> to be paid during the (9) nine-year abatement period are estimated at $1,157,920. <br /> Ass1STAN'r ExRCIIrIvEDIRi CIOR PIANNIN6 NF.I(in R n oRHUo EN(,A(4At1NT EcoWm IC RFSouR(_ <br /> PS <br /> n .VM <br /> CHRIS FIFI DING 'I'IV IC4I'r IAFL GA11Yr1t 13ROCK7ER <br />