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South Bend edevelopment Commission <br />Regular Meeting - July 10, 1987 <br />6. NEW BUS$NESS (Cont.) <br />a. Continued... <br />Mr. Hunt indicated that there would be no <br />ConrLission action required at this <br />meeting. There were three responses to <br />our request for proposals for engineering <br />and architectural services to redesign a <br />four block area of Niles Avenue between <br />the Old Lathe Works and Jefferson Street. <br />One proposal did not meet our <br />specifications and was rejected. The <br />other two are being forwarded to the <br />Dep of Engineering for their review. <br />The issue was continued until the July 24 <br />b. CcimLission approval requested for <br />Resolution No. 806 approving an <br />a ication for real property tax <br />deduction for One Michiana Sauare <br />Assdciates. <br />Ms. Robinson gave the staff report on the <br />application. The property is located in <br />a tax abatement impact area and in a tax <br />incremental financing area. The project <br />is Expected to create 36 new permanent <br />full time jobs representing an annual <br />pay oll of $540,000. It will maintain <br />184 existing permanent full time jobs and <br />20 Existing part time jobs at an annual <br />payroll of $4,000,000. Real property <br />taxes payed at this location during the <br />pre ious five years totalled $125,972.26. <br />Per onal property taxes paid at this <br />location during the previous five years <br />totalled $25,028.62. The petitioner <br />estimates the after rehabilitation market <br />value of the property to be $2,000,000. <br />Bas d on the information supplied in the <br />petition, they qualify for a ten year <br />abatement. The estimated taxes to be <br />aba ed over the ten year period are <br />$14 ,996. <br />Mr. Hunt noted that the property being <br />considered for tax abatement is the old <br />Indiana & Michigan Electric building. <br />ISC <br />COMMISSION CONTINUED UNTIL JULY 24 <br />