11-07-88 Human Resources & Economic Development

Home Browse Search

Mayor Kernan then highlighted the basic uses of the bond money: $1, 320, 000.00 for demolition of the Transwestern Building. $1,350, 000. 00 acquisition and demolition of the Bordon, Avanti and Standard Surplus Buildings and relocation of the Police Credit Union $1,000, 000. 00 acquisition, demolition and relocation in the 60 acre fringe area $1,230, 000. 00 for bond issuance costs, roads, streets, utilities, curbs, lighting and landscaping. Mayor Kernan noted that currently there are approximately 50 businesses in the Studebaker Corridor which employ 1,500 people. Allied alone employs 800 employees and is utilizing the old Studebaker building. The entire area generates $420,500. 00 in property taxes each year. With phase one, 30 new businesses are projected to be opened with 450, 000 square feet of new construction. The construction costs would mean $13,500, 000. 00 investment in the area with approximately 900 new employees. Mayor Kernan then showed an artist rendering of "target area number two. " He then reviewed various slides which set forth that the bond issue would result in . 11 per $100 of assessed valuation. The following is representative of that: Value of Home Assessed Value Property Tax Per Year $33,500. 00 $2,840. 00 $3 . 10 $46, 000. 00 $4, 300. 00 $4. 70 $54,500. 00 $5, 130. 00 $5. 60 $69,500. 00 $8,750. 00 $9.56 Mayor Kernan noted that approximately 300 volunteers are currently carrying petitions. He introduced Les Fox and Jerry Hammes who are the co-chairpersons of the bond drive. Mr. F.J. Nimtz, the fourteen year chairman of the Redevelopment Commission, then highlighted that block six in Monroe Park represent fine examples of the public and private sectors working together. Mayor Kernan noted that petitions are available and that persons who carry them must be a property owner and would solicite signatures of property owners living within the city limits. Human Resources and Economic Developement Commitee Cont'd page 2