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South Bend development Commission <br />Regular Mee 1ng - July 27, 1990 <br />6. NEW BUSMESS (Cont.) <br />f. continued... <br />g• <br />I that she would prefer to approve <br />gent application for the entire <br />at one time, so that the second <br />space could be marketed as having <br />years of tax abatement. <br />Mr. Piasecki asked if the item could be <br />tab Led until the next meeting. Mrs. <br />Kol to responded that it would not hold <br />up the project. Ms. Auburn asked that <br />the report be revised to address the two <br />se to retail spaces. <br />a motion made by Mr. Donoho, <br />ded by Mr. Combs and unanimously <br />ed, the Commission tabled item 6.f. <br />the next meeting. <br />Mrs Kolata noted that "Meanwhile..." is <br />the name of the nightclub which will be <br />developed in the old Penny's building. <br />Ms. Robinson read the tax abatement <br />report. The project is a renovation of <br />the former J.C. Penny's building for use <br />as it restaurant /night club and arcade. <br />The project will create two hundred new, <br />penonent, full time jabs within the <br />f' t year, representing an annual <br />payroll of $1,400,000. The renovation <br />cost is estimated to be $250,000. <br />The property is located in an area <br />designated as a tax abatement inpact area <br />and is also located in a tax incremental <br />firAncinq allocation area. <br />The project qualifies for 10 years of <br />real property tax abatement. Without <br />abatement, it is estimated that the taxes <br />would be $96,920 over the ten year <br />-10- <br />COMMISSION TABLED ITEM 6.F. UNTIL <br />THE NEXT HE EITNG <br />