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South Bend Redevelopment Commission <br />Special Meeting —June 19, 2007 <br />2. NEW BUSINESS (CONY.) <br />B. Northeast Neighborhood Development Area <br />(1) continued.,. <br />generating status. i s reasonable to assume <br />that with the value created by the pest, <br />interest in renovations and new construction <br />in areas outside the TIF will increase <br />dramatically. <br />Creation_ o nee jobs: The project as <br />proposed will generate cis much as $too <br />million in investment in the <br />neighborhood, brining with it significant <br />new employment opportunities both in the <br />short terin during the construction <br />phase) and the long tern when the <br />commercial businesses are open and <br />operating. <br />Necessrt�of the TIF <br />This project, like most urban redevelopment <br />efforts, simply will not happen without the <br />assistance of TIF financing: <br />• Parking- structure. First and foremost is <br />the need for structured parking to <br />support the retail, office, hotel and <br />apartment components of the project. <br />The original conceptual plan .for the <br />neighborhood assumed suYface parking, <br />but 1) every developer who saw the plan <br />indicated that it was significantly under- <br />parked, and 2) IcrYge expanses of surface <br />parking are totally inconsistent with a <br />walkable New Urbanist neighborhood. <br />Structured parking is the obvious solution <br />to these problems, but it can cost <br />anywhere front 10 to 15 times the amount <br />of surface parking. If any of tl2e NEN <br />31 <br />