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South Bend Redevelopment Commission <br />Regular Meeting - December 1, 1995 <br />6. NEW BUSINESS (Cont.) <br />f. Commission approval requested for <br />Resolution No. 1395 approving an <br />application for real property tax <br />deduction for property located at <br />1024 South Main Street in the <br />Sample -Ewing Development Area. <br />(M & K Associates) <br />Mr. Beitzinger read the staff report on <br />the project. M & K Associates intends <br />to construct a 4,250 square foot steel <br />and masonry facade building at the <br />northeast corner of Main and Garst <br />Streets. M & K Associates will then <br />lease the building to Hydronic & Steam <br />Equipment. Hydronic & Steam <br />Equipment is being relocated from 508 <br />East Ohio Street through the <br />Redevelopment Department acquisition <br />of property for the new Family and <br />Childrens Center. Hydronic & Steam <br />Equipment is a manufacturers' <br />representative and wholesale distributor <br />of industrial machinery and equipment. <br />The total estimated cost of the new <br />building is $200,000. <br />It is estimated that this project will <br />create two (2) new jobs within the first <br />year, representing a new annual payroll <br />of $36,000 and will maintain five (5) <br />existing permanent full time and no <br />part time jobs, with an annual payroll <br />of $323,000. <br />The petitioner has not been granted any <br />previous tax abatement consideration. <br />-8- <br />