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10. What is your best estimate of the after completion market value of the property: $15,150,000 <br />(Fifteen Million One Hundred Fifty Thousand). <br />11. No building permit has been issued for construction on the property in connection with the <br />improvement in question as of the date of filing of this petition. The building permit may be <br />issued after the South Bend Common Council has approved the Declaratory Resolution. <br />(Tax abatement is not available if a building permit has already been issued). The signature <br />below is verification of this statement. <br />12. List other anticipated public financing for the project, including any assistance to be sought <br />or already authorized through the United States Department of Housing and Urban <br />Development funds from the City of South Bend, South Bend Housing Authority, Housing <br />Assistance Office, St. Joseph County Housing Consortium or other public financial <br />assistance, including but not limited to public works improvements: N/A <br />13. Describe how the property has become undesirable for or impossible of normal development <br />because of a lack of development, cessation of growth, deterioration of improvements or <br />other factors which have impaired values and prevent a normal development of the property: <br />Economic market factors, including the tightening of the credit market, and the decline <br />of real estate property values, have compounded the impact of the higher than <br />comparable city taxes in this subdivision. Additionally, the majority of the unsold <br />property in this neighborhood is located adjacent to the US 31 Bypass — a negative that <br />has proven to be an immitigable factor in the slow growth of sales. Additionally, the <br />new construction market has plummeted from 800+ new homes annually, to about 100 <br />new homes. The tax abatement provides an incentive for citizens to invest in new <br />construction within the city limits of South Bend. <br />14. The current use of the property is Residential and the current zoning is RES A. <br />15. The property is located in the following Allocation Area (if any) declared and confirmed by <br />the South Bend Redevelopment Commission (requiring approval of the tax abatement by the <br />Redevelopment Commission): N/A <br />16. The following person should be contacted as the petitioner's agent regarding additional <br />information and public hearing notifications: <br />Steve Cooreman & Barbara Yanes -Henry <br />Cooreman Real Estate Group, Inc. <br />4407 Technology Drive, South Bend, IN 46628 <br />Office: 574- 277 -0116 or Mobile Ph: 574.250.5024 <br />WHEREFORE, Petitioner has paid the required fee of $50.00 and requests that the Common <br />Council of the City of South Bend, Indiana, adopt a declaratory resolution designating the area <br />described herein as a residentially distressed area for the purposes of real property tax abatement <br />consideration, and after publication of notice and public hearing, determine that the qualifications <br />for a residentially distressed area have been met and confirm such resolution. <br />Naype of Property Owner(s): <br />Inc. <br />Cooreman, President <br />Files i; i' . , lee <br />f , <br />.fi4}HN vits) ' <br />CITY CLERK, SOOTh „J, its <br />Petition for TA V LB SEC I - Page 2 of 7 <br />