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Tax Estimates <br /> The petitioner qualifies for a five-year(5) retail development real property tax abatement. <br /> • Estimated taxes due annually for the current property: $2,771 <br /> • Estimated annual taxes after the project's completion: $39,437 <br /> • Total estimated taxes during the five-year(5) abatement period: $197,183 <br /> o Estimated taxes being abated during the abatement period: $124,908 <br /> o Estimated total taxes to be paid during the abatement period: $72,275 <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 a previous 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 five-year(5) retail development real property tax abatement under <br /> Division 4 (Retail Development Real Property Tax Abatement), Section 2-79 (Retail <br /> developments in Central Business District, East Bank Development Area and Tax <br /> Abatement Impact Areas). <br /> 2 <br />