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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PxoNE574i235-9371 <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 />KENDALL - WEISS, LLP (Lafayette Falls: Phase IV, Lots Numbered 285- 313, 340 - <br />382, 385 - 394 and 436 - 450) <br />DATE: October 13, 2008 <br />On October 8, 2008, a petition for residential tax abatement consideration for real property located in <br />Lafayette Falls, Phase IV was filed with the City Clerk by Kendall-Weiss. Pursuant to Chapter 2, Article 6, <br />Section 2-77.1 of the Municipal Code of the City of South Bend, this petition was referred to the Department <br />of Community and Economic Development for purposes of investigation and preparation of a report <br />determining whether the area qualifies as a Residentially Distressed Area pursuant to I.C.6-1.1-12.1 and <br />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 />Kendall-Weiss intends to construct ninety-eight (98), new, single-family homes on approximately 29.1 <br />acres of land. The total estimated cost of the 98 homes is $16,894,000. The homes will be traditional <br />single family homes. They will have three to four bedrooms with two to two and one-half bathrooms <br />and range in size from 1,200 to 2,800 square feet with attached garages. Phase IV will include <br />approximately 4,693 linear feet of public streets, private alleys for garage access and the associated <br />public and private utilities. The cost of the homes will range between $150,000 and $225,000. <br />Total taxes to be abated during the (5) five-year abatement period on one home valued at $150,000 are <br />estimated at $6,659. Total taxes to be amid during the (5) five-year abatement period on one home are <br />estimated at $1,938. If all 98 homes were valued at $150,000, the taxes abated for Phase IV of the <br />subdivision would be $652,581 for five years and the taxes paid would be $189,895 for five years. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HL PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 5741235-9371 ELIZABETH LEONARD <br />FAX: 574/235-9697 574/235-9371 <br />