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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 HL 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 />TAMPICO DEVELOPMENTS, LLC -CRESCENT OAKS, SECTION 2 <br />DATE: October 23, 2008 <br />On October 22, 2008, a petition for residential tax abatement consideration for un-platted real property <br />located approximately `/2 mile south of the intersection of Jackson and Ironwood Roads on the east side of <br />Ironwood (NW '/a, Section 32, T37N, R3E) was filed with the City Clerk by Brian Miller of Tampico <br />Developments, LLC. Pursuant to Chapter 2, Article 6, Section 2-77.1 of the Municipal Code of the City of <br />South Bend, this petition was referred to the Department of Community and Economic Development for <br />purposes of investigation and preparation of a report determining whether the area qualifies as a <br />Residentially Distressed Area pursuant to 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 />Tampico Developments, LLC of 828 East Jefferson Boulevard, South Bend, IN intends to develop 19.9 <br />acres of agricultural farmland into 80 residential lots. The lots will be located within the proposed <br />development called Crescent Oaks, Section 2. The development will include approximately 3,798 linear <br />feet of public streets, a roundabout, a park and common area and the associated public and private utilities. <br />The homes will be built by Weiss Homes and will range in size from 1,200 to 2,300 square feet and will <br />include basements. <br />The estimated average price of a home is $163,000. Total taxes to be abated during the (5) five-year <br />abatement period on one home are estimated at $10,308. Total taxes to be paid during the (5) five-year <br />abatement period on one home are estimated at $2,022. For 80 homes, the taxes abated would be $662,866 <br />for five years and the taxes paid would be $161,784 for five years. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINA~N,{C~IA~L SC PROGRAM <br />PAMELA C. MEYEA DONALD E. INKS MANAGEMENT <br />574/235-9660 5741235-9371 ELIZaEETH LEONaAn <br />FAX: 5741235-9697 S74I235-9371 <br />