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

Home Browse Search

TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: South Bend Mutual Homes, LP DATE: March 13, 2015 On Monday, March 2, 2015, a petition from South Bend Mutual Homes, LP was received and subsequently filed with the City Clerk for residential real property tax abatement consideration for 3 single - family homes in the Lincoln Park Neighborhood. Pursuant to Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community Investment for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning requirements have been met. The Department of Community Investment has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT SUMMARY ➢ (24) Twenty Four single - family homes at an approximate assessed value of 641,520 ➢ The three parcels included in this report were not included in the 2014 approved tax abatement and are part of a housing cooperative consisting of 24 single - family homes that will include garages and basements with a total square footage of 1100- 1200 sq ft. ➢ New project taxes — $84,324 ➢ Estimated taxes being abated during five year abatement period — $24,350 ➢ Total taxes to be paid during five year abatement period — $59,974 ABATEMENT QUALIFICATION A review of the tax abatements previously granted, finds that the petitioner has been granted or is associated with any previous abatements. 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES JITIN KAIN PAMELAC.MEYER CHRIS FIELDING BROCKZEEB