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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOLmH BEND, INDIANA 46601-1830 <br />PHONE 5741235-9371 <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 />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: SHARON TERRELT~, <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />PRAIRIE APARTMENTS HOUSING PARTNERS, LP <br />DATE: January 26, 2007 <br />On January 22, 2007, a petition for residential tax abatement consideration for real property located at 2600 <br />Prairie Avenue was f led with the City Clerk by Equal Development, LLC. Pursuant to Chapter 2, Article 6, <br />Section 2-77.1 of the Municipal Code of the City of South Bend, this petition was referred to the Department <br />of Community and Economic Development for purposes of investigation and preparation of a report <br />determining whether the area qualifies as a Residentially Distressed Area pursuant to I.C.6-1.1-12.1 and <br />whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition (a copy ofwhich is <br />attached), investigated the area, and makes the following report. <br />PROJECT DESCRIPTION <br />Equal Development intends to construct a 208-unit, multi-family housing proj ect which containstwo-story <br />brick buildings featuring one, two, three, and four bedroom units. Each unit will provide residents with a <br />full-size washer and dryer, exterior storage, patios or balconies, walk-in closets, built-in dishwasher, <br />window blinds, wall-to-wall carpeting, central air, garbage disposal, cable hook-ups, and high-speed <br />Internet access in each unit. Each unit will also have afirst-floor exterior entrance; garages and carports <br />will be available to residents for a rental rate. The community will feature a large clubhouse with <br />managers' offices, community room, community TV with cable, fitness room, computer room, and a <br />kitchen area. <br />Total taxes to be abated during the (10) ten-year abatement period is estimated at $1,913,666. Total taxes <br />to be amid during the (10) ten-year abatement period is estimated at $1,952,324. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HC PROGRAM <br />PAMELA C. MEYER DONALD E. INKS - MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LEONARD <br />FAX: 5741235-9697 574/235-9371 <br />