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South Bend Redevelopment Commission <br />Regular Meeting -April 7, 2006 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />() continued... <br />somewhere in the range of $9.9 million and <br />$17 million, at approximately 35% of total <br />project cost. Those were the numbers <br />presented in the public meeting by the <br />development team. That is an unacceptable <br />ratio, plus it is a large number for budget <br />purposes. <br />The second proposal was called Mill Race <br />Isle, by the Eco-Urban Collaborative. This <br />would be a mixed use environmental <br />development. Staff has yet to receive a fully <br />responsive set of financial projections on this <br />project. Therefore, limited analysis of project <br />viability can be conducted. <br />Ms. Laurent noted that that is where the <br />evaluation is today. It is encouraging to see <br />the potential for new gathering spaces and <br />economic life along the St. Joseph River and <br />to see healthy competition for downtown <br />development sites. Staff believes strongly in <br />the role of the city and Commission to enable <br />projects to move forward which benefit the <br />community and provide a basis for future <br />development to occur without such <br />assistance. The responsibility of utilizing tax <br />dollars wisely to do so is taken seriously. <br />This week the Controller has asked that our <br />department complete formal fiscal impact <br />statement in considering any major project in <br />considering jobs created, tax base impact, as <br />well as all direct costs. This will help clarify <br />achievement of our economic goals as well <br />as improving internal communications about <br />projects. To do so requires having accurate <br />6 <br />