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Tax Estimates <br /> Due to being a LIHTC project that will increase the availability of affordable rental units within <br /> South Bend, a ten-year(10) multi-family real property tax abatement is being sought. <br /> • Current taxes are zero—properties are owned by the City of South Bend. <br /> • Estimated annual taxes after the project's completion: $59,878 <br /> • Total estimated taxes during the ten-year(10) abatement period: $598,782 <br /> o Estimated taxes being abated during the abatement period: $401,037 <br /> o Estimated total taxes to be paid during the abatement period: $197,745 <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 9 (Miscellaneous Real Property Tax Abatement), Section 2-84 (Council's <br /> Authority to Enlarge Real Property Tax Abatement General Standards). <br /> 2 <br />