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South Bend Rcde~-clopment Conunission <br />Rc~ular Mcctina January 16. ?009 <br />6. NE~~' 6GSINESS (CON7~.) <br />B. Tax Abatements <br />(1) Resolution No. 2553 appro~~ing an <br />application for real propert}~ tax deduction <br />for propert~~ located at 912 N St. Peter iu <br />the Northeast Nei;hbort-ood De~•elop-nent <br />Area. (Joseph S Caroh~n Queeuan) <br />Mr. Mathia ga~,e the staff report on the <br />pr~~ject..loseph and Carolyn Quecnan intend <br />to construct a ?.300 square foot. single- <br />family. o~~~ner-occupied home. The home <br />~~~ill be t~eo stories. ha~~e three bedrooms and <br />three bathrooms, a front porch. a tinished <br />basement and a riyo-car garage. The project <br />is part of the Notre Dame A~~awe Flouring <br />Program and as such ~~ill f~~llo~~~ the design <br />specifications and standards specified by the <br />uni~ ersity's architect. l~he cost of the home <br />will be approximately 5345,000. Total taxes <br />to be abated dw~ing the (~) ti~~c-year <br />abatement period arc estimated at S?,336. <br />Total taxes to be paid during the (~) fi~ e-year <br />abatement period arc estimatal at S 17.736. <br />Mr. '.Mathia noted that the property is <br />properly zoned f~~r the proposed project. The <br />property is located in the Northeast <br />Neighborhood Dcyclopmcnt Area, ~~~hich is a <br />tax increment allocation area: therefore. the <br />petition for real property tax deduction must <br />tirst be appro~~cd by the South Bcnd <br />IZcde~~elopment Commission. The project <br />qualifies for fiyc years of real property tax <br />abatement under the tax abatement <br />ordinance. <br />4 <br />