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Tax Estimates <br /> The petitioner qualifies for a ten-year(10) mixed-use development real property tax abatement. <br /> • Current estimated annual taxes: $12,800 <br /> • Estimated annual taxes after the project's completion: $486,300 <br /> • Total estimated taxes during the ten-year(10) abatement period: $4,862,900 <br /> o Estimated taxes being abated during the abatement period: $1,526,100 <br /> o Estimated total taxes to be paid during the abatement period: $3,336,800 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has been <br /> granted the following previous abatement. <br /> • Resolution No. 4811-19: Seven-year(7) real property tax abatement for property <br /> at the northeast corner of Eddy Street/State Route 23 and Corby Boulevard. <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 East Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a ten-year(10) mixed use development real property tax abatement <br /> under Division 5 (Mixed Use Development Real Property Tax Abatement). <br /> 2 <br />