03-12-84 Human Resources & Economic Development

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