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South Bend Redevelopment Commissiorl <br />Special Meeting -June 19, 2007 <br />2. NEW BUSINESS (CONY.) <br />B. Northeast Neighborhood Development Area <br />(1) continued... <br />remarkable event is takinglace in to <br />Northeast Neighborhood of S t y Ben& <br />coalition o private entities —four area <br />institutions and a real estate developer — is <br />coping together to undertake an urban <br />redevelopment project in s challenged <br />neighborhood. ordinarily only <br />municipalities with taxing authority <br />undertake urban redevelopment pr ects <br />because the economics are so negative <br />(see above), and the time and effort <br />involved in land assembly are too great to be <br />of interest to a private entity. <br />Seven years ago four private institutions — <br />Notre Dame, Memorial Hospital, St. Joseph <br />Regional Medical Center and Madison <br />Center — joined with the City of South Bernd <br />in a commitment to address the serious <br />problems confronting the ]Northeast <br />Neighborhood. These institutions have <br />committed time, effort and resources. Kite <br />Realty Group has now agreed to commit its <br />time, reputation and resources to implement <br />that plan. This group has worked openly and <br />in collaboration with the City and area <br />residents to develop the plan now before the <br />Commission. <br />The only way that this plan can move <br />forward is with assistance from the T1'F. We <br />ask that you acknowledge the breadth and <br />depth of this effort and send the TIF to the <br />South Bend Corazrnoiz Council with a <br />favorable recommendation. <br />33 <br />