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1200 COUNTY, Q- tyBmLDINIG <br />227W. JEFFERSON BOULEVARD <br />Sou H BEND, INDIANA 46601 -1830 <br />Nam;, 574/ 235 -9371 <br />FAX 5741235 -9021 <br />TDD 5741235 -5567 <br />C1Ty ox Sou*m BEND STEPHEN J, LuEcu, MAYOR <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />JEFFREY V GIBNEY <br />ExECUT1v5 DipEcron <br />December 8, 2010 <br />South Bend Common Council <br />Fourth Floor Council Chambers <br />400 County -City Building <br />South Bend, IN 46601 <br />Dear Council Member: <br />The attached Ordinance for your consideration would allow for the amendment of the South Bend Central <br />Development Area Development Plan to add two parcels to the Acquisition List. These two parcels <br />represent the parking garage in the 1st Source /Marriott building. Under a Memorandum of Understanding <br />previously supplied to the Common Council, Redevelopment's acquisition of the parking garage will result <br />in retaining 15t Source Corporation and an upper upscale hotel in the downtown. These two businesses <br />employ almost 700 people in South Bend. In addition, a total of $14 million (including the $6.5 million <br />garage purchase price) will be invested in the bank, hotel and atrium. <br />Please call me at 235 -9339 if you have any questions. 1 will attend your December 13th meeting and be <br />available to answer questions then as well. Dick Nussbaum, an attorney representing the City, will make <br />the presentation of this bill. <br />I lr y, <br />d E. Inks <br />Director <br />Economic Development <br />cc: Jeff Gibney <br />-jr <br />lrSTy <br />COMMUNM DEVELOPMENT EcoNOMIC REVELMENT FINANCIAL & PROGRAM <br />PAI4ELAC. Mryot Do,.ALQ E. INKS MANAGEML•NT <br />574/235 -9560 574/235 -9371 );LIZA0£TH LEONAU L}Y, <br />FAX: 5741235 -9697 574/235 -9371 <br />