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Tax Estimates <br /> The petitioner qualifies for a seven-year(7) real property tax abatement. <br /> • Current estimated annual real property taxes: $6,142 <br /> • Estimated annual taxes after the project's completion: $126,233 <br /> • Total estimated combined taxes during the seven-year(7) abatement period: $926,627 <br /> o Estimated taxes being abated during the abatement period: $513,676 <br /> o Estimated total taxes to be paid during the abatement period: $412,951 <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 /> not in an established Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a seven-year(7) real property tax abatement under Section 2-84 <br /> (Council's authority to enlarge real property tax abatement general standards). <br /> 2 <br />