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South Bend Redevelopment Commission <br />Regular Meeting October 9, 2007 <br />2. NEW BUSINESS (CONT.) <br />B. Northeast Neighborhood Development Area <br />(1) continued <br />period after completion, the total economic <br />impact is estimated to e over $500 million, <br />creating over I,100 new jobs with projected <br />household earnings of over million. <br />Proposed tax increment financing proceeds <br />are to be used to support the development of <br />infrastructure, including a 1281 -space <br />parking structure that will serge multiple <br />aspects of the proposed development. In <br />addition, Eddy, Burns, Georgiana, Duey and <br />Napoleon Streets will be either reconstructed <br />or extended as part of the development. <br />Specifically., Napoleon Street will be <br />extended from Eddy St. east to SR 23. The <br />proposed uses of these funds also include the <br />upgrading and replacement of water mains, <br />sanitary and storm sewers as well as site <br />preparation and the extension and upgrading <br />of electrical, telephone and high speed <br />Internet services to serve this development. <br />portion of the proceeds will also be rased <br />for engineering, geotec nical, testing and <br />other services related to the project. <br />Mr. Inks presented the anticipated developer <br />costs for the project; <br />Mixed use buildings A, B, C $43,677,93 <br />Hotel Full Service w /Condos 70,075,020 <br />Limited Service Hotel <br />12,788,00 <br />Parking garage <br />22,272,000 <br />Garage Wrap Condos (49) <br />,00 <br />Stacked Flats <br />10,200,000 <br />City homes <br />15005000 <br />Courtyard Town homes 2 0) <br />65000,000 <br />