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South Bend Redevelopment Commission <br />Regular Meeting-October 17. 2008 <br />7. PROGRESS REPORTS (CONT.) <br />9 commercial real property abatements that ~~~ill help <br />create 74.5 jobs and maintain 126.0 existing jobs. 'fhc <br />estimated yaluc of the investments is S 16.5 million. <br />This ~r~ill add approximately 54.1 million in tax revenue <br />to the City. <br />6 personal property abatements that ~~~ill help create 5.0 <br />ne~n~ jobs and help to maintain 138.0 existing jobs. The <br />estimated value of the investments is 54.9 million. ~hhis <br />will add approximatclyy S85?.OUO in tax revenue to the <br />City. <br />10 residential abatements that will help with the <br />construction of X40 ne~~~ single-family owned housing <br />units. The estimated ~~alue of these investments is 561. I <br />million. This ~a~ill add Dyer S I.5 million in tax revenue <br />to the City. <br />The total investment ibr the three types of~tax abatement <br />is 582.5 million. This ~~~ill help create 79.5 new jobs <br />and maintain a total 449 cxistin~~jobs fbr the City. At <br />the same time the abatement will facilitate the <br />construction of 340 ne~~~ housing units. To~~ether they <br />will add a total of approximately S6.5 million to the <br />City's tax revenues. I k~werer_ due to the poor ceonomy <br />and the on-going credit crises, there has been a drop in <br />the number of tax abatements proccsscd this year <br />compared to last year. At this time last year ~~-e had <br />processed 38 abatements. For all of last year there were <br />44 tax abatements proccsscd with a total invcsUncnt of <br />S1 14.9 million. Those investments ~~~ill lead to the <br />creation of approximately 201 .0 ne~~~ jobs and assist <br />Keith maintaining 1.470.5 jobs. Also. abatements were <br />appro~°ed tier the construction of 158 near single family <br />housin~_= units and l?8 multi-family units. The projects <br />carried out as a result of~the 44 abatements will add <br />approximately 57.7 million in tax revenue to the City. <br />Also. the economy has stymied home construction. <br />Than arc three residential tax abatement renewals listed <br />in this years report. ~hhe~ arc not brand ne~y projects. <br />28 <br />