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South Bend R development Commission <br />Regular Meeting - January 23, 1987 <br />4. COMMUNICATIONS <br />There wete no communications. <br />5. OLD BUSI <br />There was no old business. <br />6. NEW BUSINESS <br />a. Commission approval requested for <br />Resolution No. 791 approving an <br />appl 'cation for real property tax <br />deduction for Valley Realty Trust. <br />Mr. Szwarark, representing Valley Realty, <br />desc ibed the project. The project is a <br />reno ation of the Valley American Bank <br />building. The Americana Hotel, unable to <br />continue operation on a profitable basis, <br />has sold the building to Inn America who <br />inte ds to spend $6,000,000 to upgrade <br />the lotel to a first class facility, <br />whicl will open as a Holiday Inn by the <br />end cf the summer. This additional first <br />class hotel space near Century Center is <br />expected to draw more business for <br />Century Center. The project will create <br />150 rew permanent, full time jobs, <br />repr senting anew annual payroll of <br />$1,3 0,000 and maintain 7 existing <br />permanent full time and 4 existing <br />permanent part time jobs with an annual <br />payr ll of $2,200,000. The project <br />qualifies for a 6 -year abatement and at <br />that rate the total amount of abatement <br />woul be $1,013,703.00. <br />THERE WERE NO COMMUNICATIONS <br />THERE WAS NO OLD BUSINESS <br />Upon a motion by Ms. Auburn, seconded by COMMISSION APPROVED RESOLUTION NO. 791 <br />Mr. Piasecki and unanimously carried, the FOR REAL PROPERTY TAX DEDUCTION FOR <br />Commission approved Resolution No. 791 VALLEY REALTY TRUST <br />for real property tax deduction for <br />Valley Realty Trust. <br />b. Commission approval requested for a <br />contr ct with LaSalle Park District <br />1, Inc. for snow removal in Parcels <br />C4 -3 4nd C4 -30, parking lots. <br />Mrs. rolata explained that the LaSalle <br />Park istrict Council has a small <br />minority - owned business started <br />-3- <br />