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• Tower—Retail <br /> ➢ Standard designation for an Economic Revitalization Area is two years. <br /> Petitioner is requesting this be three years. <br /> ➢ Project would qualify for a six year real property tax abatement. Petitioner <br /> is requesting a ten year real property abatement. <br /> ➢ Petitioner is requesting a revised abatement schedule as detailed in the <br /> accompanying Confirming Resolution. <br /> • Tower—Parking Garage <br /> ➢ Standard designation for an Economic Revitalization Area is two years. <br /> Petitioner is requesting this be three years. <br /> ➢ Project would qualify for a three year real property tax abatement. <br /> Petitioner is requesting a ten year real property tax abatement. <br /> ➢ Petitioner is requesting a revised abatement schedule as detailed in the <br /> accompanying Confirming Resolution. <br /> • Tower-Apartments <br /> ➢ Standard designation for an Economic Revitalization Area is two years. <br /> Petitioner is requesting this be three years. <br /> ➢ Project would qualify for a nine year real property tax abatement. Petitioner <br /> is requesting a ten year abatement. <br /> ➢ Petitioner is requesting a revised abatement schedule as detailed in the <br /> accompanying Confirming Resolution <br /> The Common Council should also note the following business case considerations for <br /> allowing an exception to the local ordinance: <br /> • The building is the most prominent building in downtown and requires substantial <br /> investment to cure mechanical and structural deficiencies. <br /> • The proposed use fits in with the overall plan for the downtown. <br /> • The proposed deal structure requires no public cash investment. <br /> PROJECT SUMMARY FOR THE FOUR REQUESTED ABATEMENTS <br /> ➢ Total project taxes during ten year abatement period—$5,825,917 <br /> ➢- Estimated taxes being abated during ten year abatement period—$3,778,026 <br /> ➢ Total taxes to be paid during ten year abatement period—$2,047,891 <br /> EMPLOYMENT IMPACT <br /> Per the petitions, it is estimated that the total project will: <br /> ➢ Create 89 permanent, full-time jobs in the ten year abatement period,representing <br /> a new annual payroll of$2,899,894 <br />