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Tax Estimates <br /> The petitioner qualifies for a ten-year(10) multi-family development real property tax abatement. <br /> • Current estimated combined annual real property taxes: $1,199 <br /> • Estimated combined annual taxes after the project's completion: $41,052 <br /> • Total estimated combined taxes during the ten-year (10) abatement period: <br /> $449,328 <br /> o Estimated taxes being abated during the abatement period: $327,777 <br /> o Estimated total taxes to be paid during the abatement period: $121,551 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has been <br /> granted the following prior abatement. <br /> • Resolution No. 5038-23 (7/11/23): Ten-year (10) multi-family tax abatement <br /> NOTE: Common Council approved the abatement while KCG was in the process of <br /> applying for LIHTC. KCG was not awarded credits for the project and never took <br /> control of the property, which is still owned by the City. <br /> 2. The property is properly zoned for the proposed project. <br /> 3. Taxes on the property have been paid in full. <br /> 4. A review of the South Bend Redevelopment designation areas finds that the property is <br /> in the South Side Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a ten-year(10) multi-family development real property tax <br /> abatement under Division 2 (Residential Development Real Property Tax Abatement), <br /> Section 2-77 (Multi-Family Residential Developments). <br /> 2 <br />