Confirming Tax Abatement - Tampico Developments, LLC Crescent Oaks, Section Three (5 Year Residential Property)

Home Browse Search

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