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Designating Resolutions : Bill Nos . 24-39 & 24-40 <br /> EmpowerHer Development LLC Tax Summary <br /> Hope Rescue Building Vacant Building Tax Abatement - Lowers tax liability for existing taxes <br /> (530 S. Michigan St.) • Current estimated taxes over 2 years: $21,387 <br /> • Estimated taxes abated over 2 years: $10,268 <br /> Mixed-Use Development Real Property Tax Abatement (8 years) <br /> • Current estimated annual taxes: $10,693 <br /> Estimated annual taxes after project: $39,150 <br /> s .< During the 8-year abatement <br /> • Total estimated taxes: $313,196 <br /> • Taxes abated: $93,722 <br /> • Taxes paid: $219,474 <br /> • Estimated taxes paid <br /> • After 10 years: $297,773 ($106,934 w/o the project) <br /> • After 15 years: $493,520 ($160,402 w/o the project) <br /> • After 20 years: $689,268 ($213,869 w/o the project) <br /> CM OF SOUTH <br /> DEPARTMENT OF COMMINMM <br />