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TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BROCK ZEEB <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Tampico Developments, LLC <br />DATE: June 3, 2015 <br />On Friday, April 24, 2015, a petition from Tampico Developments, LLC was received and <br />subsequently filed with the City Clerk for residential real property tax abatement <br />consideration for 26 single - family homes in Crescent Oaks, Section Three. Pursuant to <br />Chapter 2, Article 6, Section 2 -84.2 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 an <br />Economic Revitalization 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 SUMMARY <br />➢ (26) Twenty Six single- family homes at an approximate assessed value of <br />$68,500/home, $1,781,000 total <br />➢ Homes will range from 1400 -1800 sq R, on average, 3 bedrooms, basement <br />➢ New total project taxes during five year abatement period — $246,532 <br />➢ Estimated taxes being abated during five year abatement period — $213,236 <br />➢ Total taxes to be paid during five year abatement period — $33,296 <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted, finds that the petitioner has <br />been granted or is associated with previous abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to be <br />properly zoned for the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the <br />properties are not located in a Development Area. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner <br />meets the qualifications for a (5) five -year residential property tax abatement under <br />section 2 -77.1, Single Family Residential Construction. <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES <br />JITIN KAN PAMELA C. MEYER CHRIS FIELDING BROCK ZEEB <br />