RM 07-24-87 - Laserfiche WebLink

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South Bend Regular Me 5. OLD BU b. Co elopment Commission - July 24, 1987 (Cont.) repair, exterior paint, new glass, entry doors and an exterior sign. A rendering of the proposed renovation was displayed. After renovation, the building will house a retail music store. The project cost is stimated at $25,000. Mr, Hunt read the summary of the department's review of the petition. The property is properly zoned for the proposed use. The property is located in an area designated as a tax abatement impact area and is located in a tax incremental financing allocation area. The project will create (1) new, permanent full -time job, representing a new annual payroll of $25,000 and will maintian one existing permanent full -time and two existing permanent part -time jobs with an annual payroll of $35,000. Real property taxes paid at this location during the previous five years totaled 1,311.00. The taxes to be abated over the ix -year period will be $3,537.00. The after-rehabilitation market value of the Droperty is estimated to be $32,500.00. Mr. 1,utin described the improvements he plan to make to the building. He inte ds to restore the exterior of the buil ng to its original appearance except that a panel of bottleglass trim will.be replaced by plate glass with neon sign behind the glass. Upon a motion by Mr. Piasecki, seconded COMMISSION APPROVED RESOLUTION NO by Mr. Combs and unanimously carried, the 807 APPROVING REAL PROPERTY TAX Commission approved Resolution No. 807 DEDUCTION FOR RICHARD E. LUTIN approving real property tax deduction for Richard E. Lutin. 6. NEW BUSINESS a. CommLssion approval requested for a pro sal from Birdie Designs for design and Layout services for the Michigan Stre t Corridor Plan document. -5-