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According to a report delivered to the City’s Economic Development Committee on Aug. 21, the City has already met its budget for real estate transfer taxes in 2011.

“We have met our budget already,” said Alderman Ann Rainey, 8th Ward, in significant part because of the $55.6 million sale of the Reserve apartment complex that Crains reported would get no more than $40 million.

“We had eight sales over $1 million in July,” said Alderman Delores Holmes, 5th Ward.

Ald. Rainey thanked all the nice people in the third and fourth wards who were buying million-dollar homes.