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CITY OF SOUTH BEND, INDIANA
<br />PETITION FOR RESIDENTIAL TAX ABATEMENT CONSIDERATION
<br />The undersigned owner(s) of real property, located within the City of South Bend, hereby petition the Common
<br />Council of the City of South Bend for Residential Real Property tax abatement consideration and pursuant to LC ,
<br />6 -1.1- .12.1 -1, et se q- and South Bend Municipal Code Sec. 2 -76 et seq., for this petition states the following:
<br />Describe the proposed construction project, including information about square footage, numbers of rooms,
<br />amenities, the amount of land to be used, the proposed use of the improvements, and a general statement as to
<br />the importance of the project (use additional sheet for long project scri �)t,oellsigle The project mvolves the proposed construction of one hundred family residential units
<br />contained within the 54.688 acre subdivision known as "SoTtlifield Lake." Each ome will e approximately 1,500 -
<br />2,400 square feet and include multiple bedrooms, baths, a den, kitchen, living space and attached garage. The
<br />petitioner intends that all construction will be wood frame with vinyl siding and exterior brick/stone accents or all brick
<br />or stone exterior construction. The petitioner intends that the price of each home will be between $160,000 and $240,000.
<br />Estimate the dollar value of the construction project (do not include land cost): $ 27,800,000
<br />Petitioner estimates that the total project (for construction of homes) will be approximately $27,800,000.
<br />The real property for which tax abatement consideration is petitioned (Property); is owned or to be owned by
<br />the following individual(s) or corporations (if the business organization is publicly held, indicate also the name
<br />of the corporate parent, if any, and the name under which the corporation has filed with the Securities and
<br />Exchange Commission):
<br />Namc Address Interest
<br />TEE -Real Estate, LLP 1555S Wes tern Ave. Owner
<br />bouth Bend, IN 46619
<br />4. The ct)mmonly known address of the Property is: See Exhibit E for addresses and having
<br />tax key no.: 23- 1010 -1087, _ -_ (use additional sheet for multiple addresses or key numbers).
<br />01- 1010 - 018601 and 01- 1010- 018602
<br />5. A legal description of said Property(s) is attached hereto, marked Exhibit A, and is incorporated herein.
<br />A map and /or plat indicating the location of the Property(s) is attached hereto, marked Exhibit B, and is
<br />incorporated herein.
<br />7. The current assessed valuation of the property before construction is $ 132,400 (use additional sheet
<br />for multiple addresses). (This information may be obtained from the St. Joseph County Assessor's Office, 235-
<br />952.3). See Attached Exhibit D.
<br />8. Photographs of the Property, taken within two (2) weeks of the filing of this petition, are attached hereto,
<br />marked Exhibit C, and incorporated herein.
<br />List the real property taxes paid at the location during the previous two years, whether paid by the current
<br />owner or a previous owner (use additional sheet for multiple addresses):
<br />2006 $1,546.00
<br />2007 $4,579.67
<br />Please see Exhibit D.
<br />(This information may be obtained from the St. Joseph County Treasurers office, 235 -9531)
<br />10. What is your best estimate of the after completion market value of the property: $ 27,800,000
<br />Petitioner estimates that the total project (for construction of,homes) will be approximately
<br />$27,800,000.
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