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South Bend edevelopment Comission <br />Regular Mee ing - December 9, 1988 <br />6. NEW BUSM S (Cont.) <br />b. Continued... <br />Ms. Robinson read the staff report on the <br />application. The petitioner, John <br />Fre dline, proposes to completely <br />renovate a portion of the old Penny's <br />building at 113 E. Wayne Street. <br />Renovation will include the installation <br />of interior stair tower, new HVAC <br />throughout, new 1,000 - 1,200 amp <br />electrical service, and new water and gas <br />corpections. Seventy -five percent of the <br />net leasable space on the first floor <br />will be retail space. The project will <br />craite fifteen new permanent full time <br />jobs, within the first year with an <br />est' mated annual payroll of $200,000 and <br />wil maintain forty existing permanent <br />ful time and five existing permanent <br />time jobs with an annual estimated <br />pa oll of $480,000. The total project <br />cos is estimated to be $350,000. <br />The property is properly zoned for the <br />proposed use and is located in an area <br />designated as a Tax Abatement Impact Area <br />by the South Bend Common Council. It is <br />also located in a tax incremental <br />f' cina allocation area. <br />IhE project qualifies for ten years of <br />tw abatement. Without abatement, taxes <br />arE estimated to be $1,611,420 over the <br />ter year period. With abatement, the <br />tw es are estimated to be $797,653. <br />Th efore, the total amount to be abated <br />is timated to be $813,767. <br />Ms. Auburn asked if Mr. Freidline had <br />secured a tenant for the building. Mrs. <br />Ko ata responded that he has been <br />n otiating with several possible <br />ants, but has not lined up a firm <br />co�mitmnt. <br />Ms. Auburn asked how the project <br />qualified for ten years of abatement. <br />Mrs. Kolata responded that the project is <br />-10- <br />