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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 />small in the overall project cost. He <br />wondered why it is important to the deal at <br />all. Mr. Toothaker responded that every little <br />bit counts. A lot of people have committed <br />funds to make this significant project happen. <br />In terms of market economics, it's surprising <br />the project is viable at all. It will have a huge <br />impact on local market rates. The corner has <br />to remain public space. It doesn't make <br />sense to put in all the other investment and <br />leave the public corner in disrepair. <br />Mr. Peczkowski noted that any corner that is <br />vacant will see increased traffic. People will <br />take the hypotenuse. The high traffic doesn't <br />mean anything. The Red Table Plaza event <br />is only lightly attended. <br />Ms. Laurent responded that that is exactly the <br />point. Its use has grown every year. We've <br />gotten sponsorships, we've gotten a lot of <br />interest, but it needs something else. We <br />think it needs investment from the city. <br />Mr. Peczkowski stated that he doesn't think <br />it's a good deal for the city to spend <br />$400,000 and in return get one dollar a year <br />for 25 years until it's sold back to Hinman. <br />Ms. Laurent responded that the city is <br />spending other funds on improvements <br />throughout the downtown Controlling the <br />plaza allows the city to coordinate the <br />improvements with this visible corner. <br />Mr. Peczkowski noted that Wells Fargo is <br />21 <br />