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4 � <br /> � d <br /> PE►CF y <br /> ��el <br /> x <br /> x65 <br /> Office of the Mayor <br /> NEWS RELEASE <br /> June 19, 2007 <br /> 2 p.m. <br /> Contact: Mikki Dobski, Director of Communications&Special Projects, 235-5855 or 876- <br /> 1564, or Pam Meyer, Director of Community Development, 235-5845 <br /> Commercial Corridors Spur New Business Growth <br /> In announcing $1 million in allocations for 2007 to South Bend's five commercial <br /> corridors, Mayor Stephen J. Luecke today highlighted how seed money from the city has <br /> helped stimulate a nearly 10-fold private investment along the corridors. <br /> Over an eight-year period, the city has invested $6.75 million in the commercial <br /> corridors: Lincolnway West, Miami Street, Portage Avenue, South Michigan/Main streets <br /> and Western Avenue. Between 2000—one year after the program's inception—and early <br /> in 2007, private development along those corridors has approached nearly $65 million <br /> with 416 building permits taken out by private entities. <br /> More than $12 million of investment—nearly one-fifth of the total—occurred in 2006 <br /> alone when 61 building permits were taken out. And nowhere is that trend more evident <br /> than along Western Avenue, site of the 2007 commercial corridor announcement, where <br /> 14 new businesses have started in the last two years. <br /> "Our Commercial Corridors illustrate the tipping point: a small investment by the city <br /> and a little initiative by property owners yields a far greater return in terms of the overall <br /> impact in the community," Luecke said. "People who regularly drive these routes see the <br /> changes happening day-to-day. We're building a new South Bend, and the private sector <br />