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South Bend Redevelopment Commission <br />Regular Meeting -July 21, 2000 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />The total cost for the building will be an <br />estimated $1,000,000 and will be used as a <br />warehouse and offices for Indiana Supply Corp. <br />It is estimated that the project will create six to <br />eight new permanent jobs within the first year, <br />representing a new annual payroll of $225,000 to <br />$250,000 and will maintain six to eight existing <br />permanent full -time jobs with an annual payroll <br />of $225,000 - $250,000. The petitioner has not <br />been granted any previous tax abatements. The <br />property is properly zoned for the proposed use <br />and is located in the Airport Economic <br />Development Area. <br />Mr. Velleman stated that Indiana Supply Corp. is <br />ASK a wholesale business for heating and air - <br />conditioning supplies, dealing with Trane furnace <br />products. He noted that presently the company <br />has $2.5 million in sales in this area. <br />Upon a motion by Mr. Kahn, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission approved Resolution No. 1785 <br />approving an application for real property tax <br />deduction for property at Lot 14, US 31 <br />Industrial Park. (Draga Investments, LLC <br />(Indiana Supply Corp.)) <br />d. Commission approval requested for <br />Certificate of Waiver in connection with the <br />Rental Rehab Loan Program for property <br />located at 619 Sherman. (Neighborhood <br />Housing Services) <br />Mr. Inks noted that item 6.d and 6.e were <br />Certificates of Waiver in connection with the <br />-14- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1785 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY AT LOT 14, US 31 INDUSTRIAL <br />PARK (DRAGA INVESTMENTS, LLC (INDIANA <br />SUPPLY CORP.)) <br />