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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />continue ... <br />$400,000. Funds have been budgeted for this <br />project. <br />Section II C identifies the Developer's <br />responsibility to maintain and manage the <br />property in exchange for a right to lease it <br />back from the Commission for $1.00 per year <br />for a term of 25 years, and the right to <br />purchase the property after a term of 25 years <br />for $1.00. <br />The Developer does intend to seek Real <br />Property Tax Abatement on the increased <br />valuation of the building improvements and <br />requests the Commission's support of this <br />petition to the Council. <br />Staff recommends approval of the <br />Memorandum of Understanding and asks for <br />the Commission's authorization to begin <br />working with the developer to fulfill the <br />partnership it contemplates. <br />Mr. Toothaker noted that the reinvestment in <br />this project is approximately $7,000,000 or <br />$70/sft. That is a substantial investment in <br />the industry. That is close to the total cost of <br />the Leighton Plaza building when it was <br />built. He expressed the opinion that <br />renovation of the public space on the corner <br />is very important to the success of the entire <br />project. There is a phenomenal amount of <br />traffic that walks through that plaza on the <br />way to the parking garage as well as the other <br />buildings surrounding it. <br />19 <br />