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South Bend Redevelopment Commission <br />Special fleeting —June 19, 2007 <br />2. NEW BUSINESS <br />A. Airport onomi*e Development Area <br />(1) eo tine ... <br />I would disagree with the characterization <br />that we're throwing good money after bad. I <br />thinly money that's been invested in the <br />Sample -gyring Development Area has been <br />good money, but it was a project that <br />required more resources than we were able to <br />generate out of that initial investment area.. <br />That was for a couple of reasons: 1 the <br />initial tax payer in that area saw a significant <br />reduction in assessed value when that <br />property was sold through bankruptcy <br />proceedings and used that value to decrease <br />the assessed value so that the TIF generated <br />by the Sample- Ewing Development Area was <br />significantly loner than it had been a couple <br />of years ago; to tale on the clearance of <br />some of tcse dinosaur Studebaker buildings, <br />which we think is essential, was a big task to <br />take on. It's a chicken-and-egg issue. To get <br />the new investment, we need to spend a lot of <br />dollars up front. We've done that creatively <br />through grants that we receive, through <br />Section 108 money as well, but I believe that <br />bringing some additional resources from the <br />Airport area will help to stabilize and <br />complete that investment and that we will, <br />then, see follow -up investment by the private <br />sector which will generate additional TIF in <br />that area.. <br />I also would reflect on the fact that one of the <br />expansions of the Airport area to include <br />Bosch, you could say Bosch didn't expand, <br />but our improvements there allowed us to <br />keep hundreds of goad paying jobs in this <br />community that were likely to go to <br />17 <br />