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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 />a Current taxes are zero—properties are owned by the City of South Bend. <br />a Estimated annual taxes after the project's completion: $59,878 <br />a 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 />