Confirming Tax Abatement - Royal Oak Estates - Sections 2 & 3 - First Federal Savings Bank

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South Bend Redevelopment Council RE: First Federal Savings Bank (Royal Oak Estates, sections 2 & 3) October 23, 2008 Page 2 Forty-three lots are available in Sections 2 and 3. The two sections contain a total of 83 lots. The two sections are located on approximately 12 acres. Homes will range between 1,800 and 2,900 square feet in size. The estimated average price of the homes is $215,000. Taxes to be abated during the five-year (5) abatement period are estimated at $8,700 per home. ,The taxes to be >l aid during the five-year (5) abatement period for each home are estimated at $3,722. Total taxes to be abated for the 43 houses during the five (5) year abatement period are estimated at $374,100. Total taxes to be paid during the five (5) year abatement period for the 43 houses are estimated at $160,039. ABATEMENT QUALIFICATION A review of the tax abatements previously granted finds that the petitioner has not been associated with or been granted any previous tax 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 property is not located in any of the development areas; therefore, approval of the tax abatement petition by the South Bend Redevelopment Commission is not required. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petition meets the qualifications fora (5) five-year residential tax abatement under Section 2-77.1, Single Family Residential Construction.