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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/235-9371 <br />FAx 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />,JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMMON COUNCIL <br />FROM: BOB MATHIA <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />NOTRE DAME AVENUE, LLC <br />DATE: July 9, 2007 <br />On July 6, 2007, a petition for residential tax abatement consideration for real property located at 624 North <br />Notre Dame Avenue was filed with the City Clerk by Notre Dame Avenue, LLC. Pursuant to Chapter 2, <br />Article 6, Section 2-77.1 of the Municipal Code of the City of South Bend, this petition was referred to the <br />Department of Community and Economic Development for purposes of investigation and preparation of a <br />report determining whether the area qualifies as a Residentially Distressed Area pursuant to I.C.6-1.1-12.1 <br />and whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition, investigated the <br />area, and makes the following report. <br />PROJECT DESCRIPTION <br />Notre Dame Avenue, LLC intends to construct eight single family town homes on the site. Each town <br />home will be two stories with a brick and hardie board exterior. They will have full basements, 3.5 baths, 2 <br />to 4 bedrooms, attached garages and contain 1,800 to 2,200 square feet. The prices of the homes will range <br />between $325,000 and $385,000 for a total project cost of $2,600,000 to $3,080,000 depending on final <br />pricing. Total taxes to be abated for each town home during the (5) five-year abatement period are <br />estimated at $10,262.19. Total taxes to be paid for each town home during the (5) five-year abatement <br />period are estimated at $23,760.08 to $30,749.56. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SC PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235-9660 574/235-9371 ELIZABETH LEOrrAaD <br />FAX: 574/235-9697 574/235-9371 <br />