Confirming Tax Abatement - South Bend Mutual Homes, LP 1015, 1042 & 1107 Oak Street (5 Year Residential Property)

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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 sec., for this petition state the following: 1. 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): This is a request for tax abatement for three single family homes which are part of a larger prolcet, known as South fiend Mutual I tomes. The homes will have garages and basements aid will be 1,100 to 1.200 square feet mid will be located on standard city Iots in the neighborhood. Many of the homes will be built on lots where the city has demolished vacant and abandoned houses for the overall project, a total of 24 homes will be constructed in an eight block area in the Lincoln Park neighborhood_'I'he project will be a housing cooperative, the residents kill be members of z corporation that controls the ownership mid makes management decisions about the housing. Flue goal is to revitalize the Lincoln Park neighborhood. 2. Estimate the dollar value of the construction project (do not include land cost): $_ 620871 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(s) (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 South Bend Mutual Homes, LP. _ 724 W. WasliingtonSouth Brad_IN 46601 _ 100% ed sheet with parcel address and tax id please see attach 4. The commonly known address of the Property is: _____ -------------------------------- and having tax key no.:____ Exhibit D ____________ (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. 8. The current assessed valuation of the property before construction is $_L0 zQQ________ (use additional sheet for multiple addresses). (Information may he 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 ___ _______________ ____________ (This information may be 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: $_____$620,871 (Rev. 5/13/11)