05-28-14 Council Agenda & Packet

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CITY OF SOUTH BEND, INDIANA PETITION FOR RESIDENTIAL TAX ABATEMENT CONSIDERATION The undersigned owner(s) of real property, located within the City of South Bend, hereby petition the Common Council of the City of South Bend for Residential Real Property tax abatement consideration and pursuant to I.C. 6.1.1. 12.1.1, et sea., and South Bend Municipal Code Sec. 2 -76 et sea., for this petition state the following: I. Describe the proposed construction project, including information about square footage, number of rooms, number of stories, other amenities such as finished basements and garages, the amount of land to be used, the proposed use of the improvements, and a general statement as to the importance of the project (use additional sheet for long project descriptions): The project will consist of 24 single family hones in the City's Lincoln Park Neighborhood. The hones will consist of a mix of 2, 3 and 4 bedroom units and will have basements and garages. Attached are proposed unit plans and site plans for the majority of the lots involved. The homes will be part ofa housing cooperative and will provide affordable rents To low income families Who are a160 %or less AMI. The horses will amount to a total of 28,814 square feet of residential living space. The lots being developed are equal to 3.4 acres. This project addresses the housing goals set forth in Lincoln Park Revitalization Plan and will serve as a catalyst to fudhs redevelopment in the area. The project also addresses the City's goalsregarding vacant and abandoned homes by returning residential opportunitiesto an established neighborhood. 2. Estimate the dollar value of the construction project (do not include land cost): $__ 4,689,376 , 3. The real property for which tax abatement consideration is petitioned (Property) is owned or to be owned by the following individual(s) or corporation($) (if the business organization is publicly held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): Name Address Interest Lincoln Park Development, LLC 724 W Washington South Bend IN 46601 Owner please see attached sheet with parcel address and tax id and having roux 4. The commonly known address of the Property is: _____-------------------------------- key no.:____ Exhibit ________________ (use additional sheet for multiple addresses or key numbers). 5. A legal description of said Property(s) is attached hereto, marked Exhibit A, and is incorporated herein. 6. A map and /or plat indicating the location of the Property(s) is attached hereto, marked Exhibit B, and is incorporated herein. 7. Photographs of the Property(s), taken within two (2) weeks of the filing of this petition, are attached hereto, marked Exhibit C, and incorporated herein. $54,600 (exhibit D breaks down by parcel ) 8. The current assessed valuation of the property before construction is $_____________ (use additional sheet for multiple addresses). (Information may be obtained from the St. Joseph County Assessor's Office, 235. 9523). 9. List the real property taxes paid at the location during the previous two years, whether paid by the current owner or a previous owner (use additional sheet for multiple addresses): Please see Exhibit D Property taxes pad during the last two years have been pad by current owner. (This information may he obtained from the St. Joseph County Treasurers office, 235.9531) 10. What is your best estimate of the after completion market value of the property: $____ 4,689,376 (Rev. 5/13/11)