Laserfiche WebLink
227 W. JEFFERSON BOULEVARD <br />SUITE 1400 S. <br />SOUTH BEND, IN 46601 -1830 <br />January 3, 2017 <br />CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR <br />COMMUNITY INVESTMENT <br />Mr. Tim Scott, President <br />South Bend Common Council <br />4th Floor County -City Building <br />South Bend, IN 46601 <br />RE: Eddy Street Commons Phase II <br />Dear President Scott: <br />PHONE: 574/235 -9371 <br />FAx.574/235 -9021 <br />Filed in Clerk's Office <br />0L6 7 <br />J, <br />KAREEMAH FOWLER <br />CITY CLERK, SOUTH BEND, IN <br />Attached for the Common Council's consideration is an ordinance and associated Development <br />Agreement (Kite Realty Group/Eddy Street Commons Phase II) that recently passed unanimously <br />through the Redevelopment Commission. <br />This development agreement outlines approximately $150 million in investment in mixed use <br />residential, hotel, retail, and a doubled in size Robinson Community Learning Center. This all <br />comes with no up -front City cash investment. The TIF revenues generated from the project once <br />it is built will go to pay the debt service in the future. It is truly a project that pays for itself. We <br />have a phenomenal partnership with Kite Reality Group and are looking forward to seeing this <br />project come to fruition starting in early 2017. <br />I have respectfully requested that this project be assigned to the Community Investment Committee <br />ahead of the January 9th meeting so that we can have a committee meeting on the 0 and a final vote <br />on the ordinance at the meeting on the 23" of January. The City and developer have an aggressive <br />timeline and want to get into the bond sales early in the year. <br />Thank you for your consideration. I will attend the Committee and Council meetings to address <br />any questions. <br />E <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ADMINISTRATION & FINANCE ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAwLOWSKI ELIZABETH LEONARD INKS AARON KOBB <br />