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South Bend Redevelopment Commission <br />Regular Meeting -October 20, 2006 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />continue ... <br />MR. PETERSON: One other aspect. In a <br />redevelopment area there is potential to <br />access federal and state grants that you may <br />not be able to use in an economic <br />development area. So, it is project driven <br />because you look at it and say, here is a <br />project, maybe it is a mixed-use project, with <br />retail and some housing, that allows us to <br />take advantage of some tax credits that the <br />federal government allows us to have in this <br />area. That may be applicable to this area, so <br />we don't want to get too hasty and say, "let's <br />do this." Again, the goal is not to make it an <br />area, but to have development there. How the <br />area is designated is the tool to help develop <br />it. The goal is to define the development and <br />utilize all the tools we have, including, <br />designating an area, whether it is economic <br />or redevelopment or expansion of another. <br />That will be the tool used to bring in that <br />development. <br />MR. DOWNES: If in fact it is determined <br />that the best alternative is to expand the <br />Airport Economic Development Area, is <br />there any requirement that it has to be <br />contiguous? <br />MR. PETERSON: It would need to be <br />contiguous, and it would be possible to make <br />it contiguous. It is a matter of, is it the best <br />decision. We won't know that until after we <br />look at the allocations, the effects of the 2% <br />circuit breaker, and there are a lot of things <br />that we look to bring into this development <br />that will dictate which tool we use. <br />29 <br />