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The Common Council should note the following exceptions to the local ordinance being <br /> requested for each petition: <br /> • Tower-Hotel <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 two year vacant building tax abatement. <br /> Petitioner is requesting a ten year abatement. <br /> ➢ Petitioner is requesting a revised abatement schedule as detailed in the <br /> accompanying Designating Resolution <br /> • 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 Designating 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 Designating 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 pan for the downtown <br /> • The proposed deal structure requires no public cash investment <br /> PROJECT SUMMARY FOR THE THREE REQUESTED ABATEMENTS <br /> ➢ Total project taxes during ten year abatement period—$4,134,637 <br /> ➢ Estimated taxes being abated during ten year abatement period—$2,789,447 <br /> ➢ Total taxes to be paid during ten year abatement period—$1,345,190 <br /> EMPLOYMENT IMPACT <br /> Per the petitions, it is estimated that the total project will: <br /> ➢ Create 83 permanent, full-time jobs in the ten year abatement period,representing <br /> a new annual payroll of$2,699,715 <br />