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South fed Redevelopment Commission <br />Special Meeting —June 19, 2007 <br />2, NEW BUSINESS (CONY.) <br />B. Northeast Neighborhood Development Area <br />(1) continued... <br />identify problem areas and develop a <br />strategic plan for eliminating blight and <br />bringing about new development within those <br />areas. A primary focus is on the expansion <br />of tccx base and the creation of new jobs <br />within South Bend. " <br />The pay for the NEN, finan ced in part by <br />TIC' revenues, appears to be a classic <br />execution of the Commission's nns ion.- <br />• Elinzinating blight: Even the most casual <br />drive down Eddy Street and through the <br />Triangle reveals tlzcrt this neighborhood <br />has suffered severe blight in recent <br />decades. The neighborhood is <br />characterized by dilapidated and <br />vacant /boarded -up houses and vacant <br />lots. <br />• Bringing about new development: The <br />area identified above will not recover <br />with small incremental steps. No <br />individual will build a new home in this <br />area in its present condition. No private <br />developer will invest the time and effort <br />or suffer the negative economic impact of <br />urban redevelopment without assistance. <br />Revitalization requires a plan with <br />critical mass to reverse decades of decay <br />and negative perception. <br />Expansion of the tax hose: The project <br />as proposed will bring new acreage onto <br />the tax rolls (e.g., the wooded area at the <br />southeast corner of Edison and Eddy) <br />and restore innrty other properties <br />along Eddy and in the Triangle -- to tax- <br />3 <br />