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South Bend Redevelopment Commission <br />Regular Meeting –September 18, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Tax Abatement <br /> <br />(1) continued… <br /> <br />reporting requirements for the active <br />abatements. <br /> <br />The property is properly zoned for the <br />proposed project. The property is located in <br />the West Washington/Chapin Development <br />Area, which is a Tax Increment Allocation <br />Area; therefore, approval of the tax <br />abatement petition by the South Bend <br />Redevelopment Commission is required. <br />The project qualifies for five years of <br />residential property abatement under the tax <br />abatement ordinance. <br /> <br />Mr. Varner asked what a $180,000 home will <br />sell for, discounted. Mr. Byrd responded that <br />some of the comparable used homes in that <br />area sell for $125,000 to $130,000. South <br />Bend Heritage expects these will sell for at <br />least that, maybe a little more. Since they are <br />allowed to sell to people with incomes of up <br />to 120% of median income, that should allow <br />that price as well. <br /> <br />Mr. Varner asked what the median income is <br />in this area. Mr. Byrd responded that median <br />income is based on family size, but for a <br />family of four, median is about $55,000, so a <br />family of four with an income of about <br />$66,000 could qualify and should also find it <br />affordable. <br /> <br />Mr. Gibney noted that these homes are part <br />of a design package of homes that will be <br />built in the Northeast Triangle, in the <br />Northeast Neighborhood Development Area. <br /> 6 <br /> <br />