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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br />some point, no later than 2041, the garage <br />st <br />will go back to Host and 1 Source. <br /> <br />Mr. Nussbaum stressed the economic <br />development impact of this agreement. An <br />important historic business is being <br />st <br />maintained at this site. 1 Source has been in <br />downtown since 1863. It was very important <br />to the city that it remain. Secondly, we <br />wanted to maintain the presence of an <br />upscale/upper upscale hotel downtown. That <br />was important to the convention business we <br />have at Century Center, but is also the sign of <br />a city that has something to offer. This <br />agreement also allows 700 jobs to be <br />st <br />maintained600 from the 1 Source side and <br />C <br />100 from the Host side. <br /> <br />Mr. Nussbaum also noted that there will be <br />short term benefits of $14M of construction <br />that will take place in downtown South Bend <br />over the next three years. That will be a <br />source of construction jobs, and also a sign <br />that downtown is alive and well. <br /> <br />Mr. Downes clarified that the 700 jobs do not <br />include tenants in the office building other <br />st <br />than 1 Source. Mr. Nussbaum agreed. <br />Barnes & Thornburg is the main other tenant. <br />It would also maintain its presence <br />downtown with its 200+ jobs. Mr. Downes <br />pointed out that there are roughly, then, <br />1,000 jobs being maintained in the downtown <br />as a result of this agreement. <br /> <br />Mr. Downes asked how property taxes are <br />paid on the property. Mr. Inks responded <br />that the property taxes would continue as <br />they have. There may be a small gain, given <br />the improvements to the property, but <br />typically renovation work does not generate <br />significant assessed value. <br /> 13 <br /> <br />