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Ms . Irene Gammon <br /> May 6, 1987 <br /> Page 2 <br /> Of special significance to the City is the ability of <br /> this project to act as a magnet attracting additional develop- <br /> ment to the east side of the St . Joseph River contiguous to the <br /> downtown area of South Bend. <br /> Tax abatement is especially needed for this property <br /> because of its location. No building has existed on the prop- <br /> erty for several years and the property has severe topographi- <br /> cal characteristics which, together with the cement and debris <br /> remaining from the period when this real estate was part of a <br /> railroad right-of-way, create severe construction problems and <br /> additional site preparation expenses . <br /> In short, this project offers several benefits to the <br /> City: <br /> - Approximately 150 jobs with an annual payroll <br /> increase of approximately $2, 000, 000; <br /> - The construction of a $2, 500, 000 building; <br /> - Additional real and personal property taxes gener- <br /> ated by tenant improvements; <br /> - The creation of a magnet to attract further up-scale <br /> development in this neighborhood; <br /> - The full utilization of a parcel of property which, <br /> because of its unique historical and topographical <br /> characteristics, would in all probability never be <br /> utilized in a comparable manner; and <br /> - The clean up of a long vacant parcel which has been <br /> a neighborhood eyesore for many years. <br /> We wish to thank you for your kind consideration of <br /> this project and request that you put it on the agenda for the <br /> City Council meeting to be held on May 11, 1987. <br /> Sincerely yours, <br /> Ernest J. Szarwark <br /> EJS:kas <br /> Enclosures <br /> cc: Ms . Kathy Cekanski-Ferrand <br /> Ms. Eugenia Schwartz <br /> Bruce R. Bancroft, Esq. <br /> Richard W. Morgan, Esq. <br /> BARNES Sc THORNBURG <br />