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RM 05-06-94
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RM 05-06-94
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South Bend Redevelopment Commission <br />Regular Meeting - May 6, 1994 <br />6. NEW BUSINESS (Cont.) <br />d. Commission approval requested for <br />Resolution No. 1248 approving an <br />annlication for real property tax deduction <br />for property located at 421 S. Main Street <br />and 201 W. Monroe Street in the South <br />Bend Central Development Area. (Leo J. <br />Priemer and Melvin B. McCallum) <br />Mr. Inks read the staff report on the project. <br />The nature of the primary business to be <br />located at this property is investment <br />securities. It will be a full service national <br />brokerage company engaged in the selling of <br />stocks, bonds, mutual funds and much more. <br />They will be relocating to the former White <br />Radiator Co. building which includes the <br />two above addresses. Total renovations to <br />the interior and exterior of the building will <br />be made. Exterior renovations include tuck <br />pointing and cleaning all brick, new <br />windows, doors and awnings. Total interior <br />renovations will be made to professionally <br />design and decorate to suit three additional <br />tenants. Other improvements include <br />repaving the parking lot, new curbs and <br />sidewalks and the addition of landscaping <br />and trees. Efforts are currently under way <br />to lease the balance of the building to a <br />CPA, an attorney and an insurance <br />company. <br />The rehabilitation project will create two <br />new permanent jobs within the first year, <br />representing a new annual payroll of <br />$80,000. This project will also maintain <br />two existing permanent full time and no part <br />time jobs with an annual payroll of <br />$120,000. It is also anticipated that the <br />-7- <br />
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