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South Beirid Redevelopment Commission <br />Special Meeting —June 19, 2007 <br />2. NEW BUSINESS (CUNT.) <br />B. Northeast Neighborhood Development Area <br />(1) eo .ti ued..0 <br />enterprises had to absorb the cost of <br />structured parking, they could not succeed in <br />the market and the developer simply would <br />not build them. <br />0 other in rsce improvements. The <br />sane can be said for the other <br />infrastructure improvements required by <br />the pr ect: enlarged sewer and water <br />capacity, new and renovated streets and <br />sidewalks, streetlights, etc. The <br />economics of NN enterprises — <br />including and especially housing in the <br />Triangle'— cannot withstand the <br />additional burden of this infrastructure, <br />and therefore will not happen without <br />TIC' f in ncing. <br />Note that TIF funds are NOT being requested <br />for property acquisition. Notre Dame has <br />already assembled all of the land needed for <br />Phase I, representing nearly 30 properties. <br />The economics of this process are extremely <br />negative: the assembling party (i.e., Notre <br />Daine) acquires the parcels as improved <br />properties (they have structures on then), <br />spends more money to tear them down, and is <br />left with raw land worth ce fraction of its cost. <br />The former Logan Center along cost $2.6 <br />million to acquire and nearly $200,000 to <br />demolish. The University has incurred this <br />expense as part of its investment in a <br />revitalized neighborhood at its front door. <br />Su imag Comments <br />Then the bigpicture is considered, a <br />