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03-12-84 Human Resources & Economic Development
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03-12-84 Human Resources & Economic Development
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City Council - City Clerk
City Council - Document Type
Committee Mtg Minutes
City Counci - Date
3/12/1984
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nikt ft!et Ervin/ <br /> (alU tf7t elnmttmn Coundl of tlir (Il{tg of$Alum iBPnh: HUMAN RESOURCES AND ECONOMIC DEVELOPMENT <br /> COMMITTEE <br /> The March 12 , 1984 meeting of the Human Resources and Economic Develop- <br /> ment Committee was called to order at 5:00 p.m. by its Chairman, Councilman <br /> Eugenia Braboy in the Council informal meeting room. <br /> Persons in attendance included: Councilmen Puzzello, Pas.zek, Crone, <br /> Zakrzewski, Braboy, Serge, and Voorde, Ken Fedder, Bruce Bancroft, Herman Lee, <br /> and Kathleen Cekanski-Farrand and members of the news media. <br /> Councilman Braboy called upon Ken Fedder to explain Resolutions <br /> 9A and 9B set for public hearing this evening. <br /> Mr. Fedder noted that Resolution 9A deals with the_ issuance of EDC. <br /> Revenue Bonds for one Michiana Square for the purchase of land, and improvements <br /> thereon for the property located at the Southeast corner of Wayne Street and <br /> the 'Michigan Street Mall. The proposed office building will be 94, 850 square <br /> feet with adjacent and underground parking. The total cost is estimated at <br /> $10 , 000,000 and the bonds are requested in the amount of $8 , 000 ,000. The <br /> project will be done in two phases with approximately 450 new permanent jobs <br /> being projected with an annual payroll of $6 ,000,000. It will take <br /> approximately two to three years to complete. The Economic Development <br /> Commission gave a favorable recommendation. <br /> Mr. Fedder then explained Resolution .9B which is an amended inducement <br /> resolution for Metal Resources Corporation which was formerly known as <br /> Bremen iron and .Metal Company, Inc. Resolution No. 823-80 was passed by the <br /> Council on October 13 ; 1980 but due to the legal change of name a new <br /> resolution was necessary. The project is for $3,900,000 for a period not to <br /> exceed 15 years . Seventy-five new jobs would be created and the facility <br /> will be located at 1147 Prairie Avenue. <br /> Following discussion by the Committee Councilman Serge made a motion <br /> seconded by Councilman Beck that Resolutions. 9A and 9B receive favorable <br /> recommendations. The motion passed unanimously. <br /> Councilman Braboy then called upon Herman Lee to review Resolutions <br /> 9C and 9D set for public hearing this evening. Mr. Lee noted that both <br /> Resolutions received favorable recommendations from the Commission more <br /> particularly in Resolutions No. 698 and 699. <br /> Mr.. Bancroft, the attorney for the 1st Source Bank who is Trustee of <br /> the land fund for the a14 ;s Royale then explained Resolution 9C. He noted <br /> that the owners plan to renovate the building to the condition it was in the <br /> 192(1s. it is presently on the National Register of Historic. Places with a <br /> present fair market value of $150-200,000 . Following renovation the estimated <br /> value would be $1.2 million dollars with 23 new jobs being created. He <br /> noted that the building was used for the premier of Knute Rockne which had <br /> the present President and Pat O'Brien in attendance. The proposed use would <br /> be for the arts, retail, and office space. <br /> Mr. Bancroft then explained Resolution 9D which was for the property <br /> located at 205 W. Jefferson for the Jefferson Blvd. Partnership. The <br /> building is known as the First Bank . and Trust Company which the owners wish <br /> to renovate and upgrade for office purposes. Approximately 12 new jobs will be <br /> Ills[ Pass• IY.IISMIM■CO. <br />
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