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12/10/2024 <br /> Designating Resolutions: Bill Nos. 24-42 & 24-43 <br /> EmpowerHer Development LLC EmpowerHer Development is focused on investing in <br /> Hope Rescue Building the Monroe Park neighborhood. <br /> (530 S.Michigan St.) Vacant Building Tax Abatement(2 years)and <br /> Mixed-Use Development(8 years) Real Property Tax <br /> Abatements <br /> • Historic building built in 1923 <br /> Phase 1: Renovate portion of building to <br /> become shared commercial kitchen consisting <br /> of a food market <br /> • Phase 2: Renovate remaining square footage for <br /> a boutique hotel Total Private Investment: <br /> $1,631,500 <br /> • Businesses located in the space hire at least 8 <br /> new full-time employees and retain three full- <br /> time employees <br /> DEPARTMENTOFCOMMUNMINVESTMENT <br /> Designating Resolutions: Bill Nos. 24-42 & 24-43 <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 /> • 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 /> CITYOFSOUTH <br /> BEND• • COMMUNITY <br /> 3 <br />