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South Bend edevelopment Commission <br />Regular Mee ing - May 22, 1987 <br />4. COMMUNICATIONS (Cont.) <br />a. Continued... <br />Mr. Nimtz acknowledged receipt of the . <br />let er from John Phair and placed it on <br />fil . <br />Mr. Nimtz stated that the Commission did <br />not have sufficient information to make a <br />decision and directed the staff to meet <br />with Mr. Phair to obtain more information <br />about the proposed project. <br />5. OLD BUSINESS <br />There wis no old business. THERE WAS NO OLD BUSINESS <br />6. NEW BUS <br />M, <br />Mrs Kolata noted that this is an <br />addition to the agenda and she summarized <br />the report as follows: <br />Allied Products is located at 601 W. <br />Broadway which is in the Studebaker <br />Cor idor Developent Area and, therefore, <br />a tax increment financing allocation <br />area. It is also in the Urban Enterprise <br />Zon . They are planning to do <br />app ximately $1,000,000 worth of <br />per onal property and $375,000 worth of <br />real property improvements. <br />Mr. Szarwark explainded that the proposed <br />imp ovements would be made to the South <br />Bend Stamping Division of Allied <br />Products. They plan to put siding on the <br />existing building as well as injecting <br />foan insulation at a cost of $300,000. <br />They will also extend, repave, and fence <br />the existing parking lot at a cost of <br />$75,000. In addition, $1,095,000 in <br />equipment will be added to modernize the <br />facility and increase productivity in the <br />-5- <br />