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Aio x <br /> _ 3 _ <br /> In the event the bonds are liquidated over a 30-year period, the annual <br /> insta:,Jments would be approximately $53,000. 0r, the extended period could be <br /> utilized to cover additional expenditures which ndght be incurred in connection <br /> with the implementation of the project. <br /> In view of the importance of the project to the downtown community, it appears <br /> reasonable that the Downtown South Bend Council would underwrite any possible <br /> relatively small amount involved. It should be mentioned also that the additional <br /> annual revenue resulting from changes in curb paring time limits and fees estimated <br /> at $47,000 would make the project self-supporting and provide the coverage normally <br /> required for parking revenue bonds. <br /> The free enterprise system was not overloo::ed in wrriving at this decision. <br /> Quite to the contrary, it was thoroughly reviay.,ed and discussed but no workable <br /> solution meeting the requirements of the Bartor_­Aschm_Pn recommendations resulted. <br /> The flexibility offered by ownership of t},e -_onDrofit corporation by the <br /> merchants offers many ways for the merchants 4c ,remote use of these lots by their <br /> customers so that sufficient -revenue will be genc1 L-ced to pay off the bonds. More- <br /> over, this plar, would cost the taxpayer nothing and would provide sufficient space <br /> to meet present parking needs in the downtown South E-and core area. Should additional <br /> parking space be needed in the future, a multistory facility could be erected on one, <br /> or both, of the lots. <br /> It is the opinion of the Committee tat this recommendation be made a part <br /> of the comprehensive Dian for the improvement of the Central District of South Bend <br /> resulting from the studies made by Hanmer & Co. Associates, and Blair & Stein <br /> Associates, Inc. it is also the opinion of the Committee that its recommendation, <br /> if accepted, be implemented as soon as all necessary legal and financing details <br /> can be worked out. <br /> 1,'ayor Bruggn.er's Committee <br /> South bend Parking <br /> A. J. Pow a., Chairman <br /> 11. L. Millig_n <br /> R. E. 'r,,hi.fTen <br />