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South Bend Common Council <br />RE: Tax Abatement for River Race Townhomes, LLC <br />June 3, 2014 <br />Page 2 <br />Based on a nine year abatement, taxes abated would be $795,472 and net tax paid would <br />be $1,176,832. <br />EMPLOYMENT IMPACT <br />Per the petition, two jobs will be created in the first two years with a payroll of $104,000. <br />The commercial space will also result in newjobs. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the Petitioner. River <br />Race Townhomes , LLC has not been granted any previous abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to be <br />properly zoned for the proposed project. <br />3. The property is located in the East Bank Business District. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner <br />meets the qualifications for a (9) nine -year real property tax abatement under <br />section 2 -80 Mixed Use Developments in the East Bank Business District. <br />