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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />L continued... <br />Mr. Beitzinger read the staff report on the <br />project. Coyne Investments proposes to <br />renovate the parking garage at the corner <br />of Main and Wayne Streets. Rehabilitation <br />efforts include structural support repair and <br />replacement, replacement of light fixtures, <br />patching and repairing the stalls, and repair <br />or replacement of the two elevators <br />servicing the building. They feel that the <br />project is critical in order to extend the <br />useful life of the parking garage as a <br />valued and necessary parking facility for <br />downtown office buildings. The total <br />projected cost of the renovations is <br />$750,000. <br />The project will not create any new jobs, <br />but will maintain two existing permanent <br />full time jobs and two existing permanent <br />part time jobs with an annual payroll of <br />$33,300. <br />Coyne Investments has not received any <br />previous tax abatement. The property is <br />properly zoned for the proposed use. The <br />property is located in an Economic <br />Development Target Area and a Tax <br />Abatement Impact Area. It is also in a <br />Tax Incremental Financing Allocation <br />Area. <br />Mr. Beitzinger noted that the project does <br />not qualify for tax abatement under the Tax <br />Abatement Ordinance, but has requested <br />special consideration and a ten year <br />-11- <br />