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South Bend Redevelopment Commission <br />Regular Meeting — September 3, 2010 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatement <br />(1) continued... <br />contain approximately 2,850 square feet with <br />three bedrooms and an attached two -stall <br />garage. The other home will contain <br />approximately 3,000 square feet with four <br />bedrooms, a finished lower level and an <br />attached two car garage. The cost of the two <br />homes will be approximately $525,000 each. <br />Total taxes to be abated during the (5) five - <br />year abatement period for each home are <br />estimated at $1,893.34. Total taxes to be <br />paid during the (5) five -year abatement <br />period for one home are estimated at <br />$27,602.30. Total taxes to be abated for the <br />two homes are estimated to be $3,786.68. <br />Total taxes to be paid for the two homes are <br />estimated at $55,204.60. <br />Snyder Custom Homes, Inc. has not had any <br />previous tax abatements; the property is <br />properly zoned for the proposed project; the <br />property is located in the Northeast <br />Neighborhood Development Area, which is a <br />Tax Incremental Allocation Area; therefore, <br />the tax abatement petition must be approved <br />by the South Bend Redevelopment <br />Commission; the property is not located <br />within the Northeast Neighborhood's <br />residential TIF area; and, the project qualifies <br />for five years of residential tax abatement <br />under the tax abatement ordinance. <br />Mr. Varner asked if the homes were being <br />constructed as speculative homes. Ms. Hahn <br />responded that they are. <br />