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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 pgid 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 />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 <br />5 year real property <br />5 year real property <br />5 year real property <br />5 year real property <br />5 year real property <br />Resolution No. <br />Date <br />3352 -04 <br />07/12/04 <br />3398 -04 <br />10/25/04 <br />3480 -05 <br />07/08/05 <br />3862 -08 <br />05/12/08 <br />3921-08, <br />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 />