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South Bend Redevelopment Commission <br />Regular Meeting -February 3, 2006 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />() continued... <br />Redevelopment Commission. The project <br />qualifies for afive-year tax abatement <br />under the tax abatement ordinance. <br />The cost of the abatement is estimated as <br />follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $26,737 <br />With 5 Yr <br />Abatement $15,926 <br />Estimated Cost of 5 <br />Yr Abatement $10,810 <br />Mr. Sniegowski noted that he and his wife <br />have lived in the northeast neighborhood <br />for about thirty-five years. They like the <br />neighborhood very much, but desired to <br />move to a home that was easier to care for. <br />They were unable to find an existing home <br />in the neighborhood that met their needs <br />and thought they would have to move to <br />the suburbs. However, as they looked for <br />something in the suburbs, they realized <br />they did not want to live there. Building on <br />this property will enable them to stay in the <br />neighborhood in a home that meets their <br />needs. The new construction will also <br />strengthen the neighborhood. There is <br />other vacant land nearby. He hopes their <br />building project will inspire others to <br />consider building new homes nearby as <br />well. <br />21 <br />