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• Estimated total taxes to be paid during the abatement period: $1,344,022 <br /> o Estimated taxes paid after fifteen (15) years: $3,646,278 <br /> o Estimated taxes paid after twenty(20) years: $5,290,746 <br /> Employment Impact <br /> The parcel and areas of Liberty Tower for which this abatement petition applies currently do not <br /> have employees. <br /> • Upon completion of the project, the petitioner expects to create at least nine (9) new full- <br /> time jobs with an estimated total annual payroll of$306,000. Four(4) employees will be <br /> dedicated to the apartments while five (5) employees will work for the 7th floor bar, <br /> lounge, and event space. <br /> • The petitioner will work closely with hotel management and a third-party property <br /> manager to meet additional employment needs. The hotel currently employs <br /> approximately 70 individuals. <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has been <br /> granted or is associated with the following previous abatements: <br /> Abatement T e Years Confirming Date Note <br /> yp Granted Resolution Passed <br /> Reconfirmed Resolution No. <br /> Real Property 10 4742 18 9/10/18 4536-16 (passed on <br /> (Hotel) 3/14/16) and extended <br /> designation period <br /> Reconfirmed Resolution No. <br /> Real Property 10 4743 18 9/10/18 4538-16 (passed on <br /> (Parking Garage) 3/14/16) and extended <br /> designation period <br /> Reconfirmed Resolution No. <br /> Real Property <br /> (Apartments & 10 4745-18 9/10/18 4539-16 (passed on <br /> Event Spaces) 3/14/16) and extended <br /> designation period <br /> Reconfirmed Resolution No. <br /> Real Property 10 4744-18 9/10/18 4552-16 (passed on <br /> (Retail) 3/29/16) and extended <br /> designation period <br /> Note also that the petitioner previously received a four-year(4) real property tax <br /> abatement(Resolution No. 4361-14) on May 12, 2014. However, this abatement was <br /> rescinded in 2015 (Resolution No. 4500-15) because the scope of the rehabilitation of <br /> the building significantly expanded and the Common Council approved new abatements <br /> in 2016. <br /> 2. The property is properly zoned for the proposed project. <br /> 2 <br />