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South Bend <br />Regular Me, <br />6. NEW BU <br />e. Co: <br />elopment Commission <br />- February 24, 1984 <br />(Cont.) <br />Mr. Hunt explained that the building in <br />question is located at 205 W. Jefferson which <br />is the old First Bank Building. The project <br />is calling for interior rehabilitation of <br />approximately $500,000 for the hallways, lobby <br />and miscellaneous mechanical work. The <br />petition application indicated that 126 new <br />jobs would be created as the building would be <br />filled up. There are presently 55 existing <br />jobs, in the building. <br />Mr. Hunt stated that the staff review of the <br />petition was favorable. The information <br />requested was supplied, the property is <br />properly zoned for the proposed use, the <br />property is located within a blighted area, <br />and that since the property is located within <br />a T x Incremental Financing area the <br />Cc 'ssion will have to approve the petition <br />as resented. <br />Mr.lErnest Szarwark representing the <br />pet'tioner was available to answer any <br />Upo a motion made by Mr. Donaldson, seconded <br />by . Piasecki and unanimously carried, <br />Resolution No. 698 approving an application <br />for real property tax deduction was approved. <br />f. CormLission approval requested for Resolution <br />No. 699 approving an application for real <br />prorerty tax deduction. <br />Mr. Hunt explained that this application <br />inv lved the Palais Royale Building located at <br />the northwest corner of Colfax and Michigan <br />Streets. The project calls for approximately <br />$750,000 of exterior and interior <br />rehabilitation including work on the lobby, <br />common area, and the proposed <br />co ercial /office space located on the first <br />floor. The petition projects twenty -three new <br />Mr.unt stated that the staff review of the <br />petition was favorable. The information <br />RESOLUTION NO. 698 APPROVING <br />AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION WAS <br />APPROVED <br />