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Emplloyment Impact <br /> SoMa Capital LLC is an entity created with the intent of rehabilitating the property for which this <br /> abatement applies and adjacent properties. The organization does not have any current <br /> employees. <br /> • Upon completion of the apartment building's rehabilitation, management of the building <br /> will be handled by the owners directly given their broad experience in building <br /> management(or indirectly with a third-party organization experienced in apartment <br /> management). This apartment building will require maintenance professionals, a <br /> property manager, and landscape services. <br /> • The larger project, which incorporates land adjacent to the apartment building, will have <br /> an estimated 25 full-time employees upon its completion. The larger project will include <br /> the creation of an entrepreneur hub/co-working space along with a commissary kitchen <br /> and multiple small retail/entertainment spaces. <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted, finds that the petitioner has certain <br /> partners who have been granted previous abatements on other properties and all have <br /> been satisfactorily maintained, administered and in compliance. <br /> a. Five-year(5) real property tax abatement; Resolution No. 4622-17; March 2017 <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 River West Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a (8) eight-year multi-family residential real property tax abatement <br /> under Division 2 (Residential Development Real Property Tax Abatement), Section 2-77 <br /> (Multi-Family Residential Developments). <br /> 2 <br />