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12-03-10 Redevelopment Commission Minutes
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12-03-10 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />. South Bend Central Development Area <br /> C <br /> <br />(4) continued… <br /> <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 /> <br />Ms. King asked if the owner of the building <br />is a party to the agreement. Mr. Nussbaum <br />responded that it is not. She asked if that was <br />an issue for any of the parties. Mr. <br />Nussbaum responded that it is not. <br /> <br />Mr. Varner pointed out that the owner of the <br />building benefits from the agreement in that <br />it gets another ten-year lease for its building. <br /> <br />Mr. Varner stated that the $6.5M is a cash <br />infusion, period. <br /> <br />Mr. Nussbaum clarified that Commission <br />approval of the Memorandum of <br />Understanding is not the final approval of the <br />deal. It is a step in the process. On <br />December 7 the Area Plan Commission will <br />consider a very narrow issue whether <br />C <br /> 15 <br /> <br />
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