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South Bend edevelopment Commission <br />Regular Mee ing - May 22, 1987 <br />6. NEW BUS$NESS (Cont.) <br />a. Continued... <br />metal stamping product line. The modern <br />equipment is necessary to enable the <br />company to remain competitive with <br />increasing domestic and foreign <br />competitors. It is not expected that the <br />improvements will create any new jobs but <br />will enable Allied Products to retain 30 <br />existing permanent full time jobs <br />representing an annual payroll of <br />$600,000. <br />Mrs Kolata noted that the estimated cost <br />of he personal property abatement is <br />$91 414.00 and the cost of the real <br />pro erty abatement would be $66,343.00. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Combs and unanimously carried, the <br />Commission approved Resolution No. 802 <br />approving an application for real and <br />personal property tax abatement for <br />Allied Products Corporation. <br />7. PROGRESS REPORTS <br />COMMISSION APPROVED RESOLUTION NO. <br />802 APPROVING AN APPLICATION FOR <br />REAL AND PERSONAL PROPERTY TAX <br />ABATEMENT FOR ALLIED PRODUCTS <br />CORPORATION_ <br />A press release regarding the Homesteading PROGRESS REPORTS <br />Program for 1987 will be released later today. <br />The Bur au of Housing will be awarding eight <br />homes this round. The deadline for applying <br />is June 12. The drawing will probably take <br />place i4 the fall. <br />Mr. Pan ica noted that groundbreaking for his <br />new office building in Monroe.Park will be <br />June 15, 1987 at 10:00. He invited the <br />Commissioners and staff and hoped they would <br />be able to attend. <br />The int rsection of Michigan Street and <br />Washington Street is now completed and <br />construction is beginning at the other end of <br />the block, closing the intersection of Colfax <br />and Michigan Streets. <br />Mr. Nim z asked if the Commissioners would <br />like to go on record as opposing the <br />install tion of parking meters on Michigan <br />Street �owntown. <br />