Laserfiche WebLink
1200 ~.OUNIY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUT'II BEND, INDIANA 46601-1830 <br />PxoNe574/235-9371 <br />Fax 574/235-9021 <br />TDD 574! 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~L ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />October 23, 2008 EXECUTIVE DIRECTOR <br />Council Member Derek D. Dieter, Chairperson <br />Community & Economic Development Committee <br />South Bend Common Council <br />4th Floor, County City Building <br />South Bend, IN 46601 <br />RE: Residential Real Property Tax Abatement Petition for: <br />FIRST FEDERAL SAVINGS BANK (Royal Oak Estates, Sections 2 & 3) <br />Dear Council Member Dieter: <br />Please find attached the Department of Community & Economic Development's report on a <br />residential real property tax abatement petition submitted by First Federal Savings Bank. In <br />collaboration with Weiss Homes, Inc. the Bank intends to develop forty-three lots remaining in Sections <br />2 and 3 of the Royal Oak Estates subdivision. Also attached is a copy of the petition, Statement of <br />Benefits form, and supporting information. <br />The report contains the department's findings relative to the above petition. The petitioner proposes <br />to develop the forty-three lots at a cost of $8,600,000. This is a renewal request for tax abatement. The <br />prior developer of the subdivision was D & H Home Builders, Inc. First Federal purchased the lots at a <br />tax sale. The term for the abatement covering Section 2 has already expired. The term for the abatement <br />covering Section 3 will expire this December. The Bank is requesting a new tax abatement in order to <br />continue offering abatements as an incentive for the sale of the remaining lots. The project meets the <br />qualifications for afive-year (5) real property tax abatement. The petitioner will be available to meet <br />with the Committee on Monday, November 10, 2008. <br />Should you or any of the other Council members have any questions concerning the report, or need <br />additional information, please feel free to call me at 235-5835. <br />Sincerely, <br />~~^ <br />Bob Mathia <br />Assistant Director, <br />Economic Development <br />Attachments <br />cc: South Bend Common Council Members <br />Mayor Stephen Luecke <br />Jeff Gibney <br />Don Inks <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL LC PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />5741235-9660 5741235-9371 ELizASerx LEONARD <br />FAX: 574/235-9697 574/235-9371 <br />_r- <br />