12-15-2006 $9 million + “All American Plaza” Proposed for Downtown South Bend

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The City of South Bend Redevelopment Commission will acquire an easement on the historic fagade and will contract with Architecture Design Group to design and direct its restoration. The developers intend to apply for Federal Historic Preservation Tax Credits for 20% of the balance of construction costs for Phase I, and will be able to carry over this economic benefit to the new construction of Phase II. "The foresight and patience of past Redevelopment Commissions in acquiring and holding the property to the north to support the rehab of 101 has enabled this larger vision to come about," said Marcia Jones,president of the Redevelopment Commission. "We are pleased to be able to accept this proposal today and look forward to partnering with this dynamic team of developers to realize the potential of this building and prime site in downtown." "Our city officials and the staff of the Redevelopment Commission have been wonderful to work with throughout this venture,"Mike Wargo said. "Their enthusiasm and excitement for the project has been apparent since we started the planning process." "I believe that downtown South Bend is reaching a critical tipping point,"Wargo continued. "The fact that there will be three significant developments (Game Day Condominiums, All American Plaza and the South Bend Chocolate Cafe's expansion) occurring simultaneously, within a one block radius of each other, is reminiscent of the growth downtown South Bend experienced in the early 20th Century. We are excited and very proud to have the opportunity to be part of it." Media is invited to the American Bank Building, immediately following the South Bend Redevelopment Commission meeting to ask questions of the developers and City of South Bend officials. -30-