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South Bend Redevelopment Council <br />RE: First Federal Savings Bank (Royal Oak Estates, sections 2 & 3) <br />October 23, 2008 <br />Page 2 <br />Forty-three lots are available in Sections 2 and 3. The two sections contain a total of 83 lots. The two <br />sections are located on approximately 12 acres. Homes will range between 1,800 and 2,900 square feet in <br />size. The estimated average price of the homes is $215,000. <br />Taxes to be abated during the five-year (5) abatement period are estimated at $8,700 per home. The taxes <br />to be paid during the five-year (5) abatement period for each home are estimated at $3,722. Total taxes to <br />be abated for the 43 houses during the five (5) year abatement period are estimated at $374,100. Total <br />taxes to be paid during the five (5) year abatement period for the 43 houses are estimated at $160,039. <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted finds that the petitioner has not been associated <br />with or been granted any previous tax abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br />for the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that-the property is not located <br />in any of the development areas; therefore, approval of the tax abatement petition by the South Bend <br />Redevelopment Commission is not required. <br />4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petition meets the <br />qualifications fora (5) five-year residential tax abatement under Section 2-77.1, Single Family <br />Residential Construction. <br />