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South Bernd Redevelopment Con-milssioll <br />Rescheduled RC War Meeting - May 8, oo <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) ti ... <br />to the building and installation of an awnin <br />on the north side of the building. The Plaza <br />Courtyard will be improved by adding green <br />space. These renovations are all necessary to <br />briny the Ivey Tourer l .ildin to Class "A" <br />office space and nia e it possible :" or Baker <br />& Daniels to be a Ion. term tenant in the <br />downtown so .Ith Bend Building. <br />Mr. . M a.thi a noted that two bUilding Permits <br />(valUed at ,000) have been i sucd .for a. <br />portion of the renovation work out of the <br />total cost of $ 5,9 11680. That wok..is <br />ineligible -f=or tax abatcnient; however, the <br />applicant is requesting the Redevelopment <br />Commission approve the abatement <br />application with this work included in order <br />to allow it to brina the total prod ect before the <br />Lt� Common Council for eonsiderafto . <br />Total investment in the project will be <br />$5,951, 80. Total taxes to be abated during <br />the tcn year abatement period are estniiat.e l <br />at 51,01 M8 . Total taxes to be paid during <br />the tern year abatement period are estimated <br />at l ,0301796. If the waiver is not approved <br />by the Common Council, taxes to be abated <br />durijig the ten year period are estimated at <br />$929,408. Total taxes to he paid dUring that <br />ten year period w1thout the waiver are <br />sti matcd at $948, 182. <br />It is est lni.ated that the total project will <br />create four new, permanent, full-time jobs <br />in the first year of operation representing a <br />new annual payroll of $406,000. The project <br />6 <br />