No. 1110 approving an application for real property tax deduction (P.A.I. Properties, 3601 Lathrop St.)

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City of South Bend Joseph E. Kernan, Mayor Department of Economic Development Jon R. Hunt Executive Director MEMORANDUM Ann E. Kolata Deputy Executive Director TO: HUMAN RESOURCES COMMITTEE OF THE SOUTH BEND COMMON COUNCIL FROM: DEPARTMENT OF ECONOMIC DEVELOPMENT - MICHAEL BEITZINGER /,f SUBJECT: TAX ABATEMENT PETITION P.A.I. PROPERTIES _ 3601 LATHROP STREET DATE: OCTOBER 22, 1992 On October 14, 1992, a petition for tax abatement consideration for real property located at 3601 Lathrop Street was filed with the City Clerk by P.A.I. Properties. Pursuant to Chapter 2, Article 6, Section 2 -77 of the Municipal Code of the City of South Bend, this petition was referred to the Department of Economic Development for purposes of investigation and preparation of a report determining whether the area qualifies as an Economic Revitalization Area pursuant to I.C.6 -1.1- 12.1 -1 and wether all zoning requirements have been met. The Department of Economic Development has reviewed the petition (a copy of which is attached), investigated the area and makes the following report. PROJECT DESCRIPTION The petitioner is the owner of property which is leased to North American Signs, Inc. North American Signs is a manufacturer of electric signs for local, regional and national customers. North American Signs also offers' installation, maintenance and sign 1_+ repair. The project calls for a 20,000 square foot expansion of the present facility. The addition will be primarily used for new production space and approximately one third will be used for expanded office space. The total cost of new construction is estimated at $550,000. 1200 County -City Building • South Bend, Indiana 46601 • 219/235 -9371 Fax 219/235 -9021 Redevelopment Business Assistance Housing Rehabilitation Ann Kolata & Development Kathryn Baumgartner 235 -9371 Donald Inks 521 Eclipse Place 235 -9335 235 -9475 CDBG Program & Financial Management F,lizabeth Leonard 235 -9335 Pl;mning & Neighborhood Development Pamela Meycr 235-9449