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• Tower Retail <br />➢ Standard designation for an Economic Revitalization Area is two years. <br />Petitioner is requesting this be three years. <br />➢ Project would qualify for a six year real property tax abatement. Petitioner <br />is requesting a ten year real property abatement. <br />➢ Petitioner is requesting a revised abatement schedule as detailed in the <br />accompanying Confirming Resolution. <br />• Tower Parking Garage <br />➢ Standard designation for an Economic Revitalization Area is two years. <br />Petitioner is requesting this be three years. <br />➢ Project would qualify for a three year real property tax abatement. <br />Petitioner is requesting a ten year real property tax abatement. <br />➢ Petitioner is requesting a revised abatement schedule as detailed in the <br />accompanying Confirming Resolution. <br />• Tower - Apartments <br />➢ Standard designation for an Economic Revitalization Area is two years. <br />Petitioner is requesting this be three years. <br />➢ Project would qualify for a nine year real property tax abatement. Petitioner <br />is requesting a ten year abatement. <br />➢ Petitioner is requesting a revised abatement schedule as detailed in the <br />accompanying Confirming Resolution <br />The Common Council should also note the following business case considerations for <br />allowing an exception to the local ordinance: <br />• The building is the most prominent building in downtown and requires substantial <br />investment to cure mechanical and structural deficiencies. <br />• The proposed use fits in with the overall plan for the downtown. <br />• The proposed deal structure requires no public cash investment. <br />PROJECT SUMMARY FOR THE FOUR REQUESTED ABATEMENTS <br />➢ Total project taxes during ten year abatement period— $5,825,917 <br />➢ - Estimated taxes being abated during ten year abatement period — $3,778;026 <br />➢ Total taxes to be paid during ten year abatement period — $2,047,891 <br />EMPLOYMENT IMPACT <br />Per the petitions, it is estimated that the total project will: <br />➢ Create 89 permanent, full-time jobs in the ten year abatement period, representing <br />a new annual payroll of $2,899,894 <br />