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South Bend Common Council <br />RE: Equal Development, LLC/Prairie Apartments Housing Partners II, LP <br />October 12, 2009 <br />Page 2 <br />Total taxes to be abated during the (10) ten-year abatement period are estimated at $1,000,754. Total taxes <br />to be paid during the (10) ten-year abatement period are estimated at $1,417,359. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the petitioner has not been associated with <br />or been granted any previous tax abatements. However, an associate business, Prairie Apartments <br />Housing Partners, LP,* was granted a tax abatement for Phase I of the development as follows: <br />Term/Type Resolution No. Date <br />10-year real property 3711-07 2/26/2007 <br />2. The Building Commissioner has reviewed this petition and finds the property to be properly zoned for <br />the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the property is not located in <br />any of the development areas; therefore, approval of the tax abatement petition by the South Bend <br />Redevelopment Commission is not required. <br />4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br />qualifications fora (10) ten-year real property tax abatement under Section 2-77, Multi-Family <br />Residential Developments. <br />* Equal Development, LLC, Prairie Apartments Housing Partners II, LP and Prairie Apartments Housing <br />Partners, LP are controlled by William Hollingsworth, Principal at Equal Development. <br />