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1200 COUNTY -CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601 -1830 <br />PHONE 574 /235 -9371 <br />FAx 574/235 -9021 <br />TDD 574/ 235 -5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BOB MATHIA <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />LLE REAL ESTATE, LLP (Southfield Lake) <br />DATE: August 19, 2008 <br />On August 15, 2008, a petition for residential tax abatement consideration for vacant real property located in <br />a sub - division known as Southfield Lake was filed with the City Clerk by LLE Real Estate, LLP. Pursuant to <br />Chapter 2, Article 6, Section 2 -77.1 of the Municipal Code of the City of South Bend, this petition was <br />referred to the Department of Community and Economic Development 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 and Economic Development has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT DESCRIPTION <br />The Southfield Lake sub - division is located approximately I/4 mile south of the intersection of Miami and <br />Kern Roads on the east side of Miami. The project involves the construction of 141 single family residential <br />units. Each home will be approximately 1500 to 2400 square feet in size and contain multiple bedrooms, <br />baths, a den, kitchen, living space and attached garage. Construction will be wood frame with vinyl siding <br />and exterior brick/stone accents or all brick or stone exterior construction. The price for each home will <br />range between $160,000 and $240,000. <br />Total taxes to be abated during the (5) five -year abatement period on one home valued at $160,000 are <br />estimated at $7,237. Total taxes to be paid during the (5) five -year abatement period on one home are <br />estimated at $1,948. For 141 homes, the taxes abated would be $1,020,417 for five years and the taxes amid <br />would be $274,717 for five years. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235 -9660 574/235 -9371 ELIZABETH LEONARD <br />FAx: 574/235 -9697 574/235 -9371 <br />