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South Bend Common Council <br />Cooreman Real Estate Group, Inc. <br />October 3, 2013 <br />Page 2 <br />and a two car garage. Each home will have an average market value of $250,000 resulting in a total project <br />cost of $12,750,000. <br />Total taxes to be abated during the (5) five -year abatement period are estimated at $105,097. Total taxes <br />to be paid during the (5) five -year abatement period are estimated at $734,247. <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted, finds that the petitioner has been associated with <br />five previous abatements through Resolutions 3138 -02, 3223 -03, 3806 -07, 3868 -08, and 3869 -08. <br />The Building Commissioner has reviewed this petition and finds the properties to be properly zoned <br />for the proposed project. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the <br />qualifications for a five year real property tax abatement under Section 2 -77.1 , Single Family <br />Residential Developments. <br />