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-,• Human Resources and <br /> Economic Development <br /> May 11 , 1987 <br /> Page 2 <br /> Mr. Ernest Szarwark of the Barnes and Thornburg law firm <br /> then reviewed the petition request. He indicated that he was <br /> representing Parkview Associates and that approximately one <br /> hundred fifty (150) new jobs (of which 40%-60Z would be new jobs <br /> for the community) would be added. He stated his belief that the <br /> area would become an anchor for future development within the <br /> area. Approximately $2 million would be spent on the project <br /> with approximately $150,000 being required for the additional <br /> site preparation necessitated by the railroad cement structures <br /> currently existing on the real estate. Because of the extra- <br /> ordinary site development costs involved, additional costs would <br /> be required of the developer . <br /> The Council Attorney noted that , in her opinion, the area <br /> would qualify as an economic revitalization area and that this <br /> opinion was shared by the City ' s Legal Department . <br /> Councilman Braboy noted that this development had qualities <br /> to meet the State law provisions on its own merit and that the <br /> Committee would not be violating the current tax abatement <br /> ordinance in any way by approving the petition. <br /> Following discussion by the Committee, Councilman Puzzello <br /> made a motion, seconded by Councilman Serge, that Resolution No. <br /> 87-42 receive a favorable recommendation to Council. The motion <br /> passed unanimously. <br /> Mr. Jon Hunt , along with his staff assistantsDon Inks and <br /> Sherry Shane, then briefly reviewed two (2) resolutions, namely <br /> Resolution No. 87-44 and No. 87-45. The first resolution would <br /> authorize the Mayor to submit an application to the Indiana <br /> Department of Commerce for state investment incentives for <br /> Precision Tool & Die Design, Inc. The second resolution would <br /> authorize the Mayor to submit an application to the Indiana <br /> Department of Commerce for the state investment program fund on <br /> behalf of Sibley Machine and Foundry Corporation. <br /> Following discussion by the Committee , Councilman Taylor <br /> made a motion, seconded by Councilman Serge, that Resolutions No. <br /> 87-44 and No.87-45 receive favorably recommendations to Council. <br /> The motion passed unanimously. <br /> There being no further business to come before the <br /> Committee, the meeting was adjourned at 4 :40 p .m. <br /> Respectfully submitted , <br /> Councilmember , Eugenia Braboy, Chairman <br />