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25-26 Designating Resolution - Real Property Tax Abatement for Allen Edwin Residential Builders, LLC
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25-26 Designating Resolution - Real Property Tax Abatement for Allen Edwin Residential Builders, LLC
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4/23/2025 10:58:50 AM
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Employment Impact <br /> Per this petition and supporting material, there are no direct jobs created by the project. Since <br /> these are rentals, Allen Edwin will manage the properties directly. <br /> There will be considerable job opportunities for the construction of the new housing and the <br /> petitioner has committed to using as much local labor as possible. <br /> Tax Estimates <br /> The petitioner qualifies for a nine-year(9) multi-family development real property tax abatement. <br /> • Current estimated combined annual real property taxes: $816 <br /> o Actual annual taxes $0 (zero) because the property has been owned by the <br /> South Bend Redevelopment Commission. <br /> • Estimated combined annual taxes after the project's completion: $35,886 <br /> • Total estimated combined taxes during the nine-year(9) abatement period: $322,977 <br /> o Estimated taxes being abated during the abatement period: $189,799 <br /> o Estimated total taxes to be paid during the abatement period: $133,178 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted a tax abatement previously. <br /> 2. The property is properly zoned for the proposed project. <br /> 3. Taxes on the property have been paid in full. <br /> 4. A review of the South Bend Redevelopment designation areas finds that the property is <br /> in the River West Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a nine-year(9) multi-family development real property tax <br /> abatement under under Division 2 (Residential Development Real Property Tax <br /> Abatement), Section 2-77 (Multi-Family Residential Developments). <br /> 2 <br />
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