Laserfiche WebLink
South Bend Common Council <br />RE: LLE Real Estate, LLP (Southfield Lake) <br />August 19, 2008 <br />Page 2 <br />Total taxes to be abated during the (5) five -year abatement period on one home valued at $240,000 are <br />estimated at $7,460. Total taxes to be paid during the (5) five -year abatement period on one home are <br />estimated at $6,433. For 141 homes, the taxes abated would be $1,051,860 for five years and the taxes >l aid <br />would be $907,116 for five years. <br />ABATEMENT QUALIFICATION <br />A review, of the tax abatements previously granted finds that this particular Petitioner has not been <br />associated with or granted any previous tax abatements. However, another partnership, SFI/LDI, <br />which has operated in other sections of the total Southfield development area, has received the <br />following tax abatements: <br />Term/Type <br />Resolution No. <br />Date <br />5 -year real property <br />2749 -99 <br />6/14/1999 <br />5 -year real property <br />2595 -98 <br />4/13/1998 <br />5 -year real property <br />3709 -07 <br />2/26/2007 <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br />for the proposed project. <br />A review of the South Bend Redevelopment designation areas finds that the property is not located <br />in any of the development areas; therefore, approval of the tax abatement petition by the South Bend <br />Redevelopment Commission is not required. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petition meets the <br />qualifications for a (5) five -year residential tax abatement under Section 2 -77.1, Single Family <br />Residential Construction. <br />,y�S.y'. �yfi <br />VVN".. <br />^r`1�J <br />