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14 <br />South Bend Redevelopment Commission <br />Special Meeting —April 8, 2004 <br />2. NEW BUSINESS <br />A. South Side Development Area <br />(1) continued... <br />approximately 430,000 sq. ft. retail project <br />located at the southwest corner of Ireland <br />Road and Michigan Street in the South Side <br />Development Area. The site will consist of <br />two (2) anchor tenants on parcels A & B <br />having a combined 325,000 sq. ft. of <br />development, out -lots around the site that <br />will accommodate approximately 30,000 <br />sq. ft. of additional development and a third <br />parcel accommodating approximately <br />75,000 sq. ft. of development that will <br />consist of two or more retail tenants. The <br />project is funded through Tax Incremental <br />Financing, and an Economic Development <br />Commission Bond which will be purchased <br />by the developer with a twenty (20) year <br />amortization period. There is also a five (5) <br />year recovery period allowed in the event <br />that at the end of the twenty (20) year period <br />there is a shortfall. The site will be <br />developed consistent with the South Side <br />Development Area Development Plan. <br />Mr. Hunt asked what will happen to the fire <br />station. <br />Ms. Greene responded that the fire station <br />will be relocated as part of the project. It is <br />anticipated that relocation will be complete <br />by July 2005. The area where the fire <br />station is currently located will become part <br />of the entrance into the development. The <br />City will be doing infrastructure changes in <br />the area including relocation or <br />reconfiguration of Lafayette so as to <br />coincide with the entrance to the site. <br />PJ <br />