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07-16-04 Redevelopment Commission Minutes
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07-16-04 Redevelopment Commission Minutes
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Redevelopment Commission Meeting <br />Regular Meeting — July 16, 2004 <br />6. NEW BUSINESS CONT. <br />I. South Side Development Area <br />(1) continued... <br />Mr. Feldbaum, representing Anchor <br />Associates, the developer, noted that <br />Anchor has obtained a three -year Letter of <br />Credit from Fifth Third Bank to secure the <br />obligations of the bonds until TIF revenues <br />are generated which will make the bonds <br />more marketable. Anchor has also agreed <br />to purchase the EDC bonds. <br />Mr. Grever noted that the south boundary <br />of the project is the U.S. 31 bypass. The <br />overall site is approximately 60 acres. <br />There are some 1930s homes on the front. <br />The back has some vacant, prefabricated <br />metal buildings. The middle of the site is <br />the old St. Joseph County construction <br />demolition landfill. The project has a lot of <br />complications for development. <br />Two Anchor tenants have announced so <br />far: Lowes Home Improvement (11 /05 <br />opening) and a WallMart Super Center <br />(3/06 opening). There is room for <br />approximately 70,000 sft of development <br />next to Walmart. Anchor is working with <br />several junior anchor tenants (20- 30,000 <br />sft) for that space. <br />In addition to the retail components, Mr. <br />Grever said there are seven outlots which <br />are part of his property and two properties <br />owned by other business which are <br />expected to remain. Anchor is working <br />with several restaurant concepts for the <br />outlots, two or three of which would be <br />14 <br />
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