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South Bend edevelopment Commission <br />Regular Mee ing - October 25, 1991 <br />6. NEW BUSXNESS (Cont.) <br />c. continued... <br />Cep <br />Upon a motion by Mr. Piasecki, seconded CMIESSION APPROVED RESOLUTION <br />by Mr. Combs and unanimously carried, the NO. 1021 RELATED TO ACQUISITION <br />Conunission approved Resolution No. 1021 OF PROPERTY IN THE STUDEBAKER <br />related to acquisition of property in the CORRIDOR DEVELOPI= AREA BY <br />Studebaker Corridor Development Area by NEW DCHAIlV <br />Emi ent Domain. <br />Mr. Fonash gave the staff report <br />regarding the tax abatement. The <br />petitioner, Frank D. Darnell, is the <br />owner of the property at 4100 Technology <br />Drive and the business of Richmond <br />Wholesale, Inc. which is located there. <br />Also sharing space at that location is <br />Master Distributors, Inc. In a joint <br />venture between Richmond Wholesale, Inc. <br />and Master Distributors, Inc., the <br />petitioner proposes to purchase 5.6 acres <br />adjacent to the present facility and <br />erect an approximately 52,704 sq. ft. <br />warehouse, order processing and shipping <br />center. The new construction would be an <br />extension of the existing facility. It <br />would serve to consolidate warehouse <br />locations in Niles, Michigan and Kokomo, <br />Indiana to South Bend. New warehousing <br />technology will be implemented to <br />maintain competitiveness in the <br />indILStry. The total estimated cost of <br />the expansion project is $1,000,000, <br />although the market value of the property <br />is only expected to increase <br />app oximately $700,000 as a result of the <br />exp nsion. <br />The project will create fifteen new <br />permanent full -time jobs in the first <br />year, representing an annual payroll of <br />$270,000 and will maintain seventy <br />-5- <br />