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227 W. Jurlssou Roul.. i:vmu) <br />Slll I I. 1400S. <br />Socrll BrNH, IN 46601 -1830 <br />CITY OF SOUTFI BEND PETE Bur rIGIEG, MAYOR <br />COMMUNITY INVESTMENT <br />SCOTT FORD, EXECUTIVE DIRECTOR <br />TAX ABA TEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: KATHY HAHN <br />PrioNti: 5741235-9371 <br />FAX: 574235 -9021 <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION <br />FOR: <br />LINCOLN PARK DEVELOPMENT LLC <br />DATE: May 7, 2014 <br />On May 6, 2014, a petition for residential tax abatement consideration for 24 lots in the <br />Lincoln Park Neighborhood was filed with the City Clerk by Anne Mannix. Pursuant to <br />Chapter 2, Article 6, Section 2 -77.1 of the Municipal Code of the City of South Bend, this <br />petition was referred to the Department of Community Investment for purposes of <br />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 <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT DESCRIPTION <br />The petitioner intends to construct 24 single family home on vacant lots at a cost of <br />$4,689,376. The homes will consist of a mix of 2, 3, and 4 bedroom units and will have <br />basements and garages. The homes will be part of a housing cooperative and will provide <br />affordable rents to low income families who are at 60% or less AMI. The homes will amount <br />to a total of 28,814 square feet of residential living space. The lots being developed are equal <br />to 3.4 acres. The project addresses the housing goals set forth in the Lincoln Park <br />Revitalization Plan and will serve as a catalyst to further redevelopment in the area. The <br />project also addresses the City's goals regarding vacant and abandoned homes by returning <br />residential opportunities to an established neighborhood. The homes will also be built with a <br />PLANNING NFAMBORHOOU Brsrm.ss DF.\'ej.orwex r EcoNo.. Im RESOURCES <br />Jn1\ KAJ� PA%mLA C. MI-) eR Coals Flrl )mi BRoc*x 7E.Ea <br />