Confirming Tax Abatement - Various Oak Court - SFI/LDI Partnership

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South Bend Common Council RE: SFULDI Partnership January 16, 2007 Page 2 For a unit valued at $160,000, the total taxes to be abated during the (5) five-year abatement period is estimated at $10,216 a unit for a total $40,864 for the (4) four units. Total taxes to be paid during the (5) five-year abatement period is estimated at $4,518 for a unit valued at $160,000 for a total to be abated of $18,072. For a unit valued at $240,000, the total taxes to be abated during the (S) five-year abatement period is estimated at $10,216 a unit for a total of $40,864 for the (4) four units. Total taxes to be >l aid during the (5) five-year abatement period is estimated at $13,796 for a unit valued at $240,000 for a total to be abated of $55,184. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner has been associated with or granted the following previous tax abatements. Term/Type Resolution No. Date 5-year real property 2749-99 6/14/1999 5-year real property 2595-98 4/13/1998 2. The Building Commissioner has reviewed this petition and finds the properties to be properly zoned for the proposed project. 3. A review of the South Bend Redevelopment designation areas finds that the property is not located in any of the development areas; therefore, approval of the tax abatement petition by the South Bend Redevelopment Commission is not required. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications fora (5) five-year residential tax abatement under Section 2-77.1, Single Family Residential Construction.