6.A.(1) Resolution No. 2529 - Laserfiche WebLink

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TAX ABATEMENT REPOR T TO: SOI;~I H BEND REDEVELOPMGN"C CO'~nMISSION FROM: [30[3 MATHIA SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: 'Northeast Neighborhood Re~~italization O-ganization, Inc. (O~~~ner) ~~'eiss Homes. Inc. (Contingent Owner) DATE: December 10. 2008 On December S. 2008. ~~ petition 1~ir residential tax abatement consideration tier real property located at 719 and 725 Turnock SU~eet ~~as tiled ~~ith the City Clerk b~ Northeast Neighborhood Rc~~italization Organization. [ne. Pursuant to Chapter 2. Article 6. Section 3-77.1 of the Municipal Code of the City of South Bend. this petition ~~as referred to the Department of Community and Economic De~~elopment for purposes of investigation and pre~~aration of a report determining ~i~hethcr the area qualifies as a Residentially Distressed Area pursuant to LC.G-1 . I-1 2.1 and ~~hethcr all roving requirements ha~~c been m ct. The Department ofConununity and Economic De~clopmcnt has rc~~ic~~cd the petition (a copy ofuhieh is attached), imcstigated the area, and makes the follu~~ing report. PROJECT DESCRIPT101' Northeast Nci~hborhood Re~~italization Or~ani'r_ation. Inc. and yy%eiss Homes, lnc. intends to construct t~ao ne~~~ ~in~~le family homes. The homes ~~ill ha~c approximately 1. X00 square feet c.acluding the basement and ~~ill consist of three bedrooms. R~~o to t~~~o and a half baths. and an attached t~~o car ~~ara~c. The cost of the t~~o homes Neill be approxinxrtely S28U.OOU. Total taxes to be abated during the (5) fi~c-near abatement period are estimated at 55.508. Total taxes to bed aid dm~ing the (~) ti~~e-year abatement period are estimated at S 10.7 ~9.