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Employment Impact <br /> Per this petition and supporting material, it is estimated that the project will create an estimated <br /> eight (8) new jobs with an estimated total annual payroll of$360,000. <br /> Tax Estimates <br /> Vacant Building Tax Abatement: The petitioner qualifies for a two-year(2) vacant building tax <br /> abatement. <br /> • Current estimated annual real property taxes: $6,764 <br /> • Estimated taxes being abated during the abatement period: $11,868 <br /> • Estimated total taxes to be paid during the abatement period: $1,659 <br /> Mixed-Use Development Real Property Tax Abatement: The petitioner qualifies for a ten-year <br /> (10) mixed-use development real property tax abatement. <br /> • Current estimated annual real property taxes: $6,764 <br /> • Estimated annual taxes after the project's completion: $35,189 <br /> • Total estimated combined taxes during the ten-year (10) abatement period: $351,893 <br /> o Estimated taxes being abated during the abatement period: $257,153 <br /> o Estimated total taxes to be paid during the abatement period: $94,740 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted a previous tax abatement. <br /> 2. The property is properly zoned for the proposed project. <br /> 3. Taxes on the property have been paid in full. <br /> 4. A review of the South Bend Redevelopment designation areas finds that the property is <br /> in the River West Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a two-year (2) vacant building tax abatement and a ten-year (10) <br /> mixed-use development real property tax abatement under Section 2-84 (Council's <br /> authority to enlarge real property tax abatement general standards). <br /> 2 <br />