03-19-10 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting –March 19, 2010 7. PROGRESS REPORTS (CONT.) suppression system and security system turned on. We’ll have the utilities switched over into the Commission’s name and a telephone line installed. If the Fire Dept. thinks we can leave the fire suppression system and security system turned off, we’d like to do so to reduce holding costs. We’re hoping to be ready for demolition around September 1. Mr. Phil Byrd gave a report on the cost of acquisition in the Triangle Area of the Northeast Neighborhood. The boundaries of the Triangle area are north of South Bend Avenue, west of the Housing Authority units, south of the Notre Dame woods and east of Eddy Street. Mr. Byrd noted there were eighty-seven parcels in the Triangle. The Northeast Neighborhood Revitalization Organization (NNRO) has purchased seventy-three of the parcels on behalf of the city. There are fourteen yet to be purchased. Six of those are owned by the Housing Authority. The city should be closed on those within the next two weeks. They will then be demolished. There are two remaining home owners with whom the NNRO is still working to come to an agreement on price. Notre Dame owns the six parcels on the north edge. Mr. Byrd noted that they’ve spent about $3.4M to purchase the seventy-three properties. The Housing Authority purchases will total about $400,000 and the remaining privately owned properties will cost about $1M to purchase and demolish. In addition, the NNRO has about $1.7M for infrastructure. The NNRO has borrowed $1M to supplement TIF funds and city capital budget funds that were available to this project. The NNRO also has $600,000 of HOME funds to assist low and moderate income families to buy the new homes in this mixed income neighborhood. The city received an EDI grant to assist with purchase and demolition of properties. After all properties in the Triangle are purchased and demolished, it is anticipated 11