Confirming Tax Abatement - The Villas at Lake Blackthorn - Section 1 - Cooreman Real Estate Group, Inc

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10. What is your best estimate of the after completion market value of the properly: $15,150,000 (Fifteen Million One Hundred Fifty Thousand). 11. No building permit has been issued for construction on the properly in connection with the improvement in question as of the date of filing of this petition. The building permit may be issued after the South Bend Common Council has approved the Declaratory Resolution. (Tax abatement is not available if a building permit has already been issued). The signature below is verification of this statement. 12. List other anticipated public financing for the project, including any assistance to be sought or already authorized through the United States Department of Housing and Urban Development funds from the City of South Bend, South Bend Housing Authority, Housing Assistance Office, St. Joseph County Housing Consortium or other public financial assistance, including but not limited to public works improvements: N/A 13. Describe how the property has become undesirable for or impossible of normal development because of a lack of development, cessation of growth, deterioration of improvements or other factors which have impaired values and prevent a normal development of the property: Economic market factors, including the tightening of the credit market, and the decline of real estate property values, have compounded the impact of the higher than comparable city taws in this subdivision. Additionally, the majority of the unsold property in this neighborhood is located adjacent to the US 31 Bypass - a negative that has proven to be an immitigable factor in the slow growth of sales. 14. The current use of the property is Residential and the current zoning is RES A. 15. The property is located in the following Allocation Area (if any) declared and confirmed by the South Bend Redevelopment Commission (requiring approval of the tax abatement by the Redevelopment Commission): N/A 16. The following person should be contacted as the petitioner's agent regarding additional information and public hearing notifications: Steve Cooreman, President, Cooreman Real Estate Group, Inc., or Donna Chamblee, Vice President, Operations, Cooreman Real Estate Group, Inc. 4407 Technology Drive, South Bend, IN 46628 Telephone: 574.277.0116 WHEREFORE, Petitioner has paid the required fee of $50.00 and requests that the Common Council of the City of South Bend, Indiana, adopt a declaratory resolution designating the area described herein as a residentially distressed area for the purposes of real property tax abatement consideration, and after publication of notice and public hearing, determine that the qualifications for a residentially distressed area have been met and confirm such resolution. Name of Property Owner(s): Cooreman eal Estate Gr up, Inc. By: (Signat e) Steve Cooreman, President FilCd lY~l G!^rk'~ Office APR 2 3 2008 dGHM VGGRDE CRY CLERK, S0. BEP'D, IN. Petition for TA VLB SEC I -Page 2 of 7