Designating Tax Abatement - Vacant lot between 1016 and 1032 West Washington Street - South Bend Heritage Foundationk, INC

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CITY OF SOUTH BEND, INDIANA PETITION FOR RESIDENTIAL TAX ABATEMENT CONSIDERATION The undersigned owner(s) of real property, located within the City of South Bend, hereby petition the Common Council of the City of South Bend for Residential Real Property tax abatement consideration and pursuant to I.C.. 6- 1.1-12.1-1, et seq~ and South Bend Municipal Code Sec. 2-76 et se .for this petition states the following: 1. Describe the proposed construction project, including information about square footage, numbers of rooms, amenities, the amount of land to be used, the proposed use of the improvements, and a general statement as to the importance of the project (use additional sheet for long project descriptions): South Bend Heritage Foundation (a community development corporation formed in 1974 to work on the stabilization and revitalization of the near west side neighborhoods of South Bend) owns a lot between 1016 and 1032 W. Washington which Is approximately 17A58 square feet (or .0.40 acres). The frontage along West Washington is 120.78 feet. A proposed replat will divide it into two lots each with approximately 8.729 square feet (or 0.20 acres) and a frontage along West Washington of slightly over 60 feet (see Washington Street Minor Subdivision survey for the proposed replat provided with Exhibit B). As part of the first allocation of the Neighborhood Stimulus Program (NSPI funding, several single-family houses will be built in targeted areas to serve homeowners with a household income of up to 120% of the Area Median Income. South Bend Heritage Foundation (SBHF) will be the developer of several of these houses. The two houses that will ultimately built on these lots will be two story. three bedroom homes of approximately 1,700 square feet. The first will be built on Lot 2 of the new Subdivision. The beneficiaries of these houses will be single family. owner occupants that have a family income of 120°l0 of the Area Median Income, or less The sales price will be discounted in order to be affordable to these potential owners. This opportunity to provide affordable housing is a direct result of the NSP funds allocated by the Federal Government to South Bend. Receiving tax abatement on the property will help the families adiust fmancially to homeownership and to budget for the increase in the property tax in five years time. SBHF strongly believes that a key component to stabilizing neighborhoods is encouraging residents of mixed incomes to live there. By providing affordable options on W. Washington where its housing stock of large homes is gradually being converted back to single family. the goal of mixed income residents can be achieved as can increased stability. SBHF firmly believes that constructing affordable housing on these two new lots help achieve_the national goals set out in the Federal NSP initiative. 2. Estimate the dollar value of the construction project (do not include land cost): $ Avnrox. $180,000 ver house . 3. The real property for which tax abatement consideration is petitioned (Property) is owned or to be owned by the following individual(s) or corporations (if the business organization is publicly held, indicate also the name of the corporate parent, if any, and the name under which the corporation has filed with the Securities and Exchange Commission): Name Address Interes South Bend Heritage Foundation, Inc 803 Lincoln Wav West, SB. 46616 100% 4. The commonly known address of the Property is:_ Vacant lot between 1016 and 1032 W. Washington (to be renlatted into two lots and having tax key no.: 18.3068-2608 (to be stilit) (use additional sheet for multiple addresses or key numbers). 5. A legal description of said Property(s) is attached hereto, marked Exhibit A, and is incorporated herein. Exhibit A attached