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South Bend Redevelopment Commission <br />Regular Meeting— August 16, 2002 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(1) continued... <br />Mr. Perri answered that the impact would <br />be minimal as they tried to be careful. <br />There will be approximately 100 feet <br />facing the building, the side angles are not <br />bad and residents of Stephenson Mill can <br />still see the dam. <br />Mr. Phair commented further on the <br />commercial requirements. Holladay does <br />expect to have a grocery store with an <br />entry on Colfax which will be provided <br />free of charge to the tenants. The store <br />will be three to four thousand sq ft. It will <br />be a high quality deli, small grocery and <br />bakery which will serve the residents of <br />the building as well as the residents of the <br />surrounding area. <br />Mr. Phair reminded the Commission that <br />their presentation is not a formal request as <br />yet. Holladay requires the support of the <br />Commission to create a sub -TIF district to <br />allow for the construction of parking decks <br />and commercial spaces to be repaid from <br />the Waters' Edge real estate taxes which <br />result from this project. It was noted that <br />Mr. Jon Hunt presented Holladay with a <br />memo which was prepared by Baker & <br />Daniels addressing this issue. According <br />to the memo, it would be possible to <br />capture the taxes from the site repay a <br />bond used to construct parking deck and <br />commercial spaces. The amount of <br />financing need is estimated at $3 million. <br />Holladay estimates that the taxes related to <br />10 <br />