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South Bend Redevelopment Commission <br />Regular Meeting -October 3, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />project. Robert and Deborah Bernhard <br />intend to construct a 3,000 sft, single-family <br />home with four bedrooms, four bathrooms, <br />dining room, den, great room, fireplace and <br />attached two-car garage. The cost of the <br />home will be approximately $450,000. Total <br />taxes to be abated during the five-year <br />abatement period are estimated at $2,216. <br />Total taxes to be paid during the five-year <br />abatement period are estimated at $24,036. <br />The property is properly zoned for <br />residential. The property is located in the <br />Northeast Neighborhood Development Area, <br />which is a tax incremental allocation area; <br />therefore, approval of the tax abatement <br />petition by the Redevelopment Commission <br />is required. The project qualifies for five <br />years of residential tax abatement under the <br />tax abatement ordinance. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2506 <br />approving an application for real property tax <br />deduction for property in the Northeast <br />Neighborhood Development Area. <br />B. South Bend Central Development Area <br />(1) Third Amendment to Lease with Laura <br />Lee's <br />Ms. Jennings noted that Laura Lee's has been <br />leasing space from the Commission at 121 S. <br />Michigan. The lease expired August 31, <br />COMMISSION APPROVED RESOLUTION NO. 2506 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY IN <br />THE NORTHEAST NEIGHBORHOOD <br />DEVELOPMENT UREA <br />4 <br />