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Employment Impact <br /> • By the end of 2025, the petitioner anticipates the project will support 67 full-time <br /> employees with an estimated total annual payroll of$3,025,720. <br /> Tax Estimates <br /> The petitioner qualifies for an eight-year(8) mixed-use development real property tax <br /> abatement. <br /> • Current estimated annual taxes: $20,929. <br /> o Actual taxes are and have been ZERO ($0) because the building had been <br /> owned by the City since 2019 and was owned by the Salvation Army before then. <br /> • Estimated annual taxes after the project's completion: $147,843 <br /> • Total estimated taxes during the eight-year(8) abatement period: $1,182,742 <br /> o Estimated taxes being abated during the abatement period: $834,273 <br /> o Estimated total taxes to be paid during the abatement period: $348,469 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted a previous abatement. However, Soma Capital LLC, an entity affiliated with the <br /> petitioner, received the following abatement. <br /> • Resolution No. 5006-23 (3/13/23): Eight-year (8) multi-family residential <br /> development real property tax abatement for the renovation of the apartment <br /> building located at 536 S. Main Street. <br /> Regarding the abatement listed above, the renovation of the apartment building and the <br /> transformation of the Salvation Army building are together part of a project to redevelop <br /> the east side of the 500 block of S. Main Street. <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 an eight-year (8) mixed-use development real property tax <br /> abatement under Division 5 (Mixed Use Development Real Property Tax Abatement), <br /> Section 2-80 (Mixed Use Developments in Central Business District). <br /> 2 <br />