Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting –September 18, 2009 <br /> <br /> <br />6. NEW BUSINESS <br /> <br /> <br />A. Tax Abatements <br /> <br /> <br />(1) Resolution No. 2600 approving an <br />application for real property tax deduction <br />for vacant land located between 1016 and <br />1032 West Washington Street in the West <br />Washington-Chapin Development Area. <br /> <br />Mr. Mathia gave the report on the project. <br />The South Bend Heritage Foundation, Inc. <br />intends to construct two new single-family <br />homes on the vacant lot they currently own <br />on West Washington Street. The lot is being <br />replatted to permit the construction of the <br />two homes. The homes will each have two <br />stories totaling approximately 1,700 square <br />feet with three bedrooms. The average cost <br />of the two homes will be approximately <br />$180,000. The two homes are part of the <br />first allocation of the Neighborhood Stimulus <br />Program (NSP) funding. Several single- <br />family homes will be built in targeted areas <br />to serve homeowners with a household <br />income of up to 120% of the Area Median <br />Income using NSP funds. The sales prices of <br />the two homes will be discounted in order to <br />make them affordable to these potential <br />customers. South Bend Heritage will be the <br />developer of several of these houses. <br /> <br />Mr. Mathia noted that total taxes to be abated <br />for the two houses during the five-year <br />abatement period are estimated at <br />$16,827.76. Total taxes to be paid for the <br />two houses during the five-year abatement <br />period are estimated at $3,896.70. <br /> <br />Mr. Mathia noted that South Bend Heritage <br />Foundation has had seventeen real property <br />abatements since 1992. It is current on all <br /> 5 <br /> <br />