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Tax Estimates <br /> The petitioner qualifies for a six-year (6) retail development real property tax abatement. <br /> • Current estimated combined annual real property taxes: $1,333 <br /> • Estimated combined annual taxes after the project's completion: $25,507 <br /> • Total estimated combined taxes during the six-year (6) abatement period: $153,042 <br /> Estimated taxes being abated during the abatement period: $112,173 <br /> Estimated total taxes to be paid during the abatement period: $40,869 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has been <br /> granted the following prior abatement. <br /> • Resolution No. 5027-23 (6/12/23): Four-year (4) real property tax abatement for a <br /> new Burton's Laundry at 521 N. William Street <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 South Side Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a six-year (6) 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) and Division 9 (Miscellaneous Real Property Tax Abatement <br /> Guidelines), Section 2-84 (Council's authority to enlarge real property tax abatement <br /> general standards). <br /> 2 <br />