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South Bend Redevelopment Commission <br />Regular Meeting –March 19, 2010 <br /> <br />7. PROGRESS REPORTS (CONT.) <br /> <br />$400,000 of the loan may remain unspent. <br /> <br />Mr. Gibney asked the total anticipated cost of <br />predevelopment activities in the Triangle Area. Mr. <br />Byrd responded $6.5M. <br /> <br />Mr. Varner said he thought that the Triangle extended to <br />Eddy Street. Mr. Byrd responded that Notre Dame <br />owns the property between Eddy and Georgiana for a <br />later phase of Eddy Street Commons. East of Georgiana <br />is all that is intended for mixed income housing. <br /> <br />Mr. Gibney asked what the cost of private investment in <br />the Triangle Area is expected to be. Mr. Byrd <br />responded, depending on the cost of the homes built, <br />$15-17M. The homes should sell for $140,000 to <br />$300,000. <br /> <br />Mr. Inks noted that the Triangle Area is part of the <br />Northeast Neighborhood Residential TIF area, so <br />increment from that area will be available for debt <br />service on the bonds. There will be no tax abatement <br />for the homes in the Residential TIF area. <br /> <br />Mr. Gibney noted that Architecture Design Group has <br />already designed the ten to twelve house plans that <br />people can choose from to be constructed in the <br />Triangle. <br /> <br /> <br />8. NEXT COMMISSION MEETING <br /> <br />NCM <br />The next meeting of the Redevelopment Commission is <br />EXT OMMISSION EETING <br />scheduled for Friday, April 9, 2010 at 10:00 a.m. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 12 <br /> <br />