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South Bend Common Council <br /> RE: Tampico Developments, LLC <br /> June 3, 2013 <br /> Page 2 <br /> The estimated average price of a home is $180,000. Total taxes to be abated during the (5) five-year <br /> abatement period on one home are estimated at $8,747. Total taxes to be paid during the (5) five-year <br /> abatement period on one home are estimated at$1,819. For 18 homes,the taxes abated would be$157,446 <br /> for five years and the taxes paid would be $32,742 for five years. <br /> ABATEMENT QUALIFICATION <br /> I. A review of the tax abatements previously granted, finds that the petitioner, Tampico <br /> Developments, LLC, has been associated with or granted the previous tax abatements. <br /> Term/Type Resolution No. Date <br /> 5 year real property 3352-04 07/12/04 <br /> 5 year real property 3398-04 10/25/04 <br /> 5 year real property 3480-05 07/08/05 <br /> 5 year real property 3862-08 05/12/08 <br /> 5 year real property 3921-08 , 11/10/08 <br /> 2. The Building Commissioner has reviewed'this petition and finds the properties to be properly zoned <br /> for the proposed project. <br /> 3. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br /> qualifications for a (5) five-year residential tax abatement under Section 2-77.1, Single Family <br /> Residential Construction, <br />