2. Minutes 10/3/08 Meeting - Laserfiche WebLink

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South E3au1 Rcdc~~elopmcnt Commission Regular Meeting -October ~. 2008 6. NC«' BUSINESS (CONT.) A. Tax AbaYcments (1) continued... project. Robert and Deborah [3crnhard intend to construct a 3,000 sft_ single-family home ~~~ith fr~ur bedrooms. t2~ur bathrooms. dining room, den, Brent room, fireplace and attached two-car garage. The cost of the home will be approximately S450,000. Total taxes to be abated dw~ing the tive-year abatement period arc estimated at X2,216. Total taxes to be paid during the five-year abatement period are estimated at 524.036. ~hhe property is properly zoned fii~r residential. The property is located in the Northeast Neighborhood Derclopmcnt Area. which is a tax incremental allocation area: therefore. approval of the tax abatement petition by the Rcdewelopment Commission is required. The project qualifies for fi~~e years oC residential tax abatement under the tax abatement ordinance. Upon a motion by Mr. Icing, seconded by Mr. Downes and unanimously carried, the Commission approved Resolution No. 2506 approving an application for real property tax deduction for ~~roperty in the',V~ortheast Neighborhood Dcvclopmait Area. B. South bend Central Development Area (1) "hhird Amendment to Lease ~sith Laura Lee's Ms..Iennin~=s noted that Laura Lce~s has been leasing space from the Commission at 121 S. Michigan. The Iease expired August i 1. ~Y)A1111SSION APPROALD IZLSULL'~110~'' NU. ?5~6 ,~PPKO~ iw a~ ~Pr~i i<ni io~~ ~~o~i ar at PROPLRI l IAX DLDI C`IIO~ POR PROPERI l" Ih rnG VORIIILASI N~'IGIIBORHOOD DGv'ELOPviGyr ARE4 -}