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10495-17 Issuing of Taxable Economic Development Bonds for Eddy St Phase II to not Exceed $25 million, Approving Other Actions Thereto
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10495-17 Issuing of Taxable Economic Development Bonds for Eddy St Phase II to not Exceed $25 million, Approving Other Actions Thereto
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4/26/2017 8:35:51 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/23/2017
Ord-Res Number
10495-17
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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 />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 91h meeting so that we can have a committee meeting on the 9th and a final vote <br />on the ordinance at the meeting on the 23`d 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 />Sin y, <br />ti,✓ <br />Brian <br />PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ADMINISTRATION & FINANCE ECONOMIC RESOURCES <br />TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI ELIZABETH LEONARD INKS AARON KOBB <br />
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