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• Estimated annual taxes after the project's completion: $23,512 <br /> • Total estimated taxes during the ten-year(10) abatement period: $268,770 <br /> o Estimated taxes being abated during the abatement period: $237,996 <br /> o Estimated total taxes to be paid during the abatement period: $30,774 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted or is associated with prior South Bend abatements. <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 qualifies <br /> for a ten-year(10) multi-family residential development real property tax abatement <br /> under Division 2 (Residential Development Real Property Tax Abatement), Section 2-77 <br /> (Multi-Family Residential Developments). <br /> 2 <br />