Confirming Tax Abatement - The Tower at Washintgon Square LLC 211 W. Washington St. (4 Year Real Property)

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RE: Tax Abatement for The Tower at Washington LLC April 8, 2014 Page 2 The total taxes to be abated during the four year term are estimated at $30,658. Total taxes to be paid during the four -year term are estimated at $1,039, 485. Our municipal city Code does not target service industries for tax abatements. Therefore, approval of this request would be an exception to our Code as this is a service business. The NAIC code for this business is for real estate rental. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create 1 new, permanent full -time position with a payroll of $40,000. The project will retain 18 employees with a payroll of approximately $630.000. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has not been granted any previous abatements. 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the qualifications for a four -year real property tax abatement under Section 2 -84, Council's Authority to Enlarge Real Property Tax Abatement General Standards. .