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• Total estimated taxes during the nine-year(9) abatement period: $5,382,340 <br /> o Estimated taxes being abated during the abatement period: $648,961 <br /> o Estimated total taxes to be paid during the abatement period: $4,733,380 <br /> Note that the estimates above do not consider an active real property tax abatement approved <br /> by the Common Council in July 2015 for GLC Portage Prairie, LLC. Our office estimates the tax <br /> savings due to the 2015 abatement to be roughly$60,000 total during pay years 2025 and <br /> 2026. <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has been <br /> granted or is associated with the following previous abatements. <br /> • Resolution No. 4483-15 (7/27/15): Eight-year(8) real property tax abatement. <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) industrial development real property tax abatement <br /> under Division 7 (Industrial Development Real Property Tax Abatement), Section 2-82 <br /> (Industrial Development City-Wide General Standards).: <br /> 2 <br />