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Tax Estimates <br /> The petitioner qualifies for an eight-year(8) industrial real property tax abatement. <br /> • Current estimated combined annual real property taxes: $364,181 <br /> • Estimated combined annual taxes after the project's completion: $503,182 <br /> • Total estimated combined taxes during the eight-year(8) abatement period: $4,025,454 <br /> o Estimated taxes being abated during the abatement period: $97,683 <br /> o Estimated total taxes to be paid during the abatement period: $3,927,771 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted prior abatements. <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 Southside Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for an eight-year (8) industrial real property tax abatement under <br /> Division 7 (Industrial Development Real Property Tax Abatement), Section 2-82 <br /> (Industrial development city-wide general standards). <br /> 2 <br />