Laserfiche WebLink
Employment Impact <br /> • Herstoric Properties, LLC, plans to hire 2 full-time employees with an estimated total <br /> annual payroll of$140,000. The company hopes to hire a third full-time employee by the <br /> end of 2024. <br /> • Once the renovation is completed and the entire space is active, the petitioner estimates <br /> that businesses located in the renovated spaces could hire 30 to 40 new employees. <br /> Tax Estimates <br /> Vacant Building Tax Abatement: The petitioner qualifies for a two-year(2)vacant building tax <br /> abatement. <br /> • Current estimated annual taxes: $1,448 <br /> • Estimated taxes being abated during the abatement period: $1,416 <br /> • Estimated total taxes to be paid during the abatement period: $1,481 <br /> Mixed-Use Development Real Property Tax Abatement: The petitioner qualifies for a six-year <br /> (6) mixed-use development real property tax abatement. <br /> • Current estimated annual taxes: $1,448 <br /> • Estimated annual taxes after the project's completion: $14,047 <br /> • Total estimated taxes during the six-year(6) abatement period: $84,282 <br /> o Estimated taxes being abated during the abatement period: $42,900 <br /> o Estimated total taxes to be paid during the abatement period: $41,382 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted or is associated with a previous abatement. <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 /> 2 <br />