Confirming Tax Abatement - Tampico Developments, LLC Crescent Oaks Section 2 (5 Year Residenital Property)

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1200 COUNTY-CITY BUILDING 227 W. JEFFERSON BOULEVARD SOU77-I BEND, INDtANA 46601-1830 PxoNE574/235-9371 Fax 574/235-9021 TDD 574/ 235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR COMMUNITY ~ ECONOMIC DEVELOPMENT JEFFREY V. GIBNEY EXECUTIVE DIRECTOR TAX ABATEMENT REPORT TO: SOUTH BEND COMMON COUNCIL FROM: BOB MATHIA SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: TAMPICO DEVELOPMENTS, LLC -CRESCENT OAKS, SECTION 2 DATE: October 23, 2008 On October 22, 2008, a petition for residential tax abatement consideration for un-platted real property located approximately %2 mile south of the intersection of Jackson and Ironwood Roads on the east side of Ironwood (NW 1/4, Section 32, T37N, R3E) was filed with the City Clerk by Brian Miller of Tampico Developments, LLC. Pursuant to Chapter 2, Article 6, Section 2-77.1 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Community and Economic Development for purposes of investigation and preparation of a report determining whether the area qualifies as a Residentially Distressed Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met. The Department of Community and Economic Development has reviewed the petition (a copy of which is attached), investigated the area, and makes the following report. PROJECT DESCRIPTION Tampico Developments, LLC of 828 East Jefferson Boulevard, South Bend, IN intends to develop 19.9 acres of agricultural farmland into 80 residential lots. The lots will be located within the proposed development called Crescent Oaks, Section 2. The development will include approximately 3,798 linear feet of public streets, a roundabout, a park and common area and the associated public and private utilities. The homes will be built by Weiss Homes and will range in size from 1,200 to 2,300 square feet and will include basements. The estimated average price of a home is $163,000. Total taxes to be abated during the (5) five-year abatement period on one home are estimated at $10,308. Total taxes to be paid during the (5) five-year abatement period on one home are estimated at $2,022. For 80 homes, the taxes abated would be $662,866 for five years and the taxes paid would be $161,784 for five years. COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM PAMELA C. MEYER DONALD E. INKS MANAGEMENT 574/235-9660 5741235-9371 ELIZABETH LEONARD FAX: 574/235-9697 5741235-9371