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South Bend edevelopment Commission <br />Regular Mee ing - August 10, 1990 <br />5. OLD BUSUMM (Cont.) <br />a. continued... <br />Kolata explained that, although the <br />velopment Authority awns the garage, <br />private users of the retail spaces <br />be taxed. <br />Re it Space No. 1 contains 1788 square <br />fee-.. Catering by Billie has leased that <br />spam to operate a catering business. <br />The business will create from three to <br />fivB permanent full time jobs within the <br />fir 5t year, representing a new annual <br />pa ll of approximately $30,000 and <br />ma' tain nine existing permanent full <br />tin Bt and part time jobs with an annual <br />pa oll of $80,000. <br />Space No. 2 contains 1056 square <br />It is not currently leased. <br />Kolata noted that the total project <br />for finishing both retail spaces is <br />mated at $124,900. Of this amount, <br />000 is the Redevelopment Authority's <br />of constructing Retail Space No. 1 <br />$41,600 is the Authority's cost of <br />eructing Retail Space No. 2. The <br />nt finishes in Retail Space No. 1 <br />cost $22,300. The estimated cost <br />tenant finishes in Retail Space No. 2 <br />$15,840. Based on these figures, the <br />nt of tax to be abated over a three <br />period for Retail Space No. 1 is <br />mated to be $6,459 and for Retail <br />e No. 2, the amount of tax to be <br />ed over a three year period is <br />mated to be $4,407. <br />Ups a motion by Piasecki, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved Resolution No. 949 <br />appmving an application for real <br />proDerty tax deduction for property <br />1 ted at 117 E. Wayne St. (Catering by <br />Bil ie, Inc.) <br />-3- <br />COMMISSION APPROVED RESOLUTION <br />NO. 949 APPROVING AN APPLICATION <br />FOR REAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY IOCATED AT 117 E. <br />WAYNE ST. (CATERING BY BILLIE, <br />INC.) <br />