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Tax Estimates <br /> The petitioner qualifies for an eight-year (8) mixed-use development real property tax <br /> abatement. <br /> • Current estimated combined annual real property taxes: $8,436 <br /> • Estimated combined annual taxes after the project's completion: $116,742 <br /> • Total estimated combined taxes during the eight-year(8) abatement period: $933,795 <br /> o Estimated taxes being abated during the abatement period: $611,740 <br /> o Estimated total taxes to be paid during the abatement period: $322,055 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted a prior 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 an eight-year (8) mixed-use development real property tax <br /> abatement under Division 5 (Mixed Use Development Real Property Tax Abatement), <br /> Section 2-80 (Mixed Use Developments in Central Business District). <br /> 2 <br />