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South Bend Redevelopment Commission <br />Regular Meeting - May 7, 1993 <br />6. NEW BUSINESS (Cont.) <br />d. continued.. <br />should sell the property at some future date <br />and realize a profit, we would be paid back <br />the amount we reimbursed the Kiefer <br />Zimpleman Partnership. <br />e. Commission approval requested for <br />Resolution No. 1153 approving an application <br />for real property tax deduction for property <br />located at 212, 214 & 2141/2 N. Niles <br />Avenue. (Macri's Italian Bakery, Inc.) <br />Mr. Beitzinger gave the staff report on the <br />project. Macri's Italian Baker proposed to <br />move their business and expand at the 214 N. <br />Niles location. An existing 6,500 square foot <br />building will be renovated and a 4,500 square <br />foot addition will be built. The building will <br />then house a bakery, a gourmet food section, <br />a deli and an Italian restaurant. The total <br />projected cost of the project is $550,000. <br />The project will create twenty -five new <br />permanent jobs in the first year, representing <br />an annual payroll of $85,000 and will <br />maintain twenty -three existing permanent full- <br />time and seventeen part time positions with <br />an annual payroll of $210,000. The project <br />has not applied for any previous tax <br />abatement consideration. The property is <br />properly zoned for the proposed use. The <br />property is located in a Tax Incremental <br />Financing Allocation Area. The petitioner <br />qualifies for six years of real property tax <br />abatement under the Tax Abatement <br />Ordinance. <br />-11- <br />