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South Bend Redevelopment Commission <br />Regular Meeting –February 6, 2009 <br /> <br /> <br />I. Douglas Road Economic Development Area <br /> <br /> <br />(1) Reimbursement Agreement with Holladay <br />Corporation <br /> <br />Mr. Meteiver noted that in the fall of 2005 <br />city officials met with representatives from <br />Holladay Properties to discuss development <br />opportunities along Douglas Road between <br />State Road 23 and the Mishawaka city limits. <br />Although it is at the outer edges of the city, <br />the development proposed for this small <br />corridor has good potential for growth and <br />increased revenue for the City of South <br />Bend. <br /> <br />As part of the conversation with Holladay <br />Properties, a decision was made by city <br />officials to participate in a reimbursement <br />agreement to cover upfront costs that would <br />be temporarily absorbed by Holladay for <br />road design and right-of-way acquisition. <br />The purpose was to expedite the road <br />reconstruction project. <br /> <br />On February 17, 2006, the Redevelopment <br />Commission established the Douglas Road <br />Economic Development Area to aid in the <br />development of this area and to generate <br />funds to be used to reconstruct and widen <br />Douglas Road to a commercial roadway <br />standard. <br /> <br />After two years of work, the funding for the <br />road project is in place, the road construction <br />project has been awarded, Memorial Home <br />Care has been built and Brown Mackie <br />College will be ready for students this fall. <br />One of the final pieces of the project is to <br />execute the attached reimbursement <br />agreement. <br /> <br /> 16 <br /> <br />