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South Bend Redevelopment Commission <br />Regular Meeting —April 17, 2003 <br />6. NEW BUSINESS (CONT.) <br />F. South Side Development Area <br />(1) continued... <br />however, provide a general outline for how <br />the City expects this project to move <br />forward. The City is committing public <br />funds to the project which will be generated <br />through a Sales Tax Increment Finance <br />District and potentially through a Tax <br />Increment Finance District. Those funds <br />could be used for a variety of public <br />purposes in preparing the site, including the <br />moving of power transmission lines, site <br />preparation, demolition of buildings, <br />environmental remediation, storm water <br />management, and public walkways and <br />traffic ways on site— all as a means of <br />IL making this a viable site for redevelopment. <br />The Mayor noted that the City believes in <br />smart growth and it is much more important <br />to redevelop this existing prime piece of real <br />estate, rather than to see the development <br />happen elsewhere. Kite has both the <br />experience and the capacity to develop an <br />exciting retail site at this location and the <br />City is delighted to have Kite as a partner in <br />this development project. Mayor Luecke <br />introduced Mr. Paul Kite to speak to the <br />Commission. <br />Mr. Kite advised the Commission that the <br />project is moving forward. They have <br />already purchased the vacant Montgomery <br />Wards property and are about to close on the <br />balance of the property, which is the mall <br />itself. They expect the Wards building and <br />the tire store in front will be demolished by <br />June, including remediation of an old tank at <br />IL the tire store. Kite expects to have new <br />buildings ready for occupancy by July 2004 <br />15 <br />