04-2010 Newsletter - Laserfiche WebLink

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WAP M' APRIL 2010 A9�yn 57r��iF:v 1. ftfc:kf� Letter from the Mayor Reasons for optimism about South Bend New ranking, new housing, new bond rating show positive trend Dear Friends and Neighbors, 2010 began with great news. South Bend was named the best city in the nation for value, stability and rising prices in a home, according to Barbara Corcoran, the real- estate expert on NBC -TV's Today Show. "Prices have been rising steadily for almost a full year now," Corcoran said. "Still, the median price is only half of what it is in the rest of the nation. That's an enormous difference – a lot of house for the dollars." The recognition that South Bend brings great quality of life with unparalleled affordability is one of 10 Reasons for Optimism in 2010 that I highlighted in my annual State of the City address recently. (You can read the full text at www.SouthBendIN. og_v where there also are pictures of many projects.) In my next two letters, I want to highlight some of these reasons for optimism about our city. THIS MONTH... Mayor's Letter S. B. Silver Hawks TRIAD Pill Drop New Technology — Water Works Bike the Bend Green Weekend River Park Parade Excellent news also came on the financial front. The Standard & Poor's bond rating service recently upgraded the City's bond rating to AA- from A +. The rating upgrade was based on several credit- related factors, including strong debt service coverage, sufficient reserve balance and South Bend's diverse local economy, which serves as a regional trade and service center. The improved rating, coupled with a more favorable debt financing market, has resulted in lower borrowing costs. That will save our taxpayers more than $1 million over the next decade. As we emerge from the winter of this global economic crisis, the City also is seeing warming trends when it comes to economic investment. The City is selling a prime downtown riverfront site to a developer who plans to open the first of 10 townhouse -style condominiums on the East Bank as early as this fall. The new East Bank Town Homes will add to the growing number of downtown residences and provide exciting options for young professionals or empty- nesters seeking a vibrant urban location. At the same time, we also are finding strong interest from national developers in the LaSalle Hotel. All plans anticipate some form of mixed use — commercial and retail — either with a restored hotel or apartments. I also want to note a perennial reason for optimism in South Bend. We have eight institutions of higher education in our vicinity with more than 7,000 faculty and staff along with nearly 30,000 students. These institutions have a significant economic impact on our community. The University of Notre Dame alone pumps $873 million annually into our local economy. You can read more about their impact in the current issue of the City of South Bend's e -mail newsletter, South Bend ON, which highlights new economic development efforts in the city. Find it at www.SouthBendON.com and while you're there you can subscribe to the free newsletter. Sincerely, Please recycle this paper and help Build a Clean - Green City!