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Not applicable <br />What are the benefits to the City? <br />• Significantly increases the city's tax base —from $4,480 currently to an estimated $40,108. <br />• Increases the number and diversity of jobs that offer stable employment and/or attractive <br />wages and benefits. <br />o The building will employ at least two on -site property management staff with salaries <br />estimated to be around $50,000 each. <br />o The project will create 150 temporary construction jobs at an estimated $51.00 per <br />hour. <br />• Rehabilitates a high profile, priority site as identified in the FAST Plan. <br />• Furthers the housing needs identified in the city's 2018 housing study. <br />CHDC intends to own the development indefinitely. It will be a good neighbor and ensure <br />the development remains a community asset for decades to come. <br />