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MAJOR CAPITAL PROJECT DESCRIPTION <br />FOR YEARS 2005 - 2008 <br />Funding Source <br />TIF Revenue Bond <br />South Bend Central Development <br />Activity Date Area Tax Increment Fund (SBCDA <br />2005 $ 600,000 T1F), County Option Income <br />2006 1,000,000 Tax (COIT) and County Economic <br />TOTAL $1,600,000 Development Income Tax (CEDIT) <br />Projected Ongoing_Operating Cost Impact <br />Operating costs will increase slightly in order to maintain any vacant lots created by acquisition and <br />demolition activities to create new development sites. However, if the lots are converted to interim <br />surface parking, the City or Redevelopment will realize a net operating income based on the number <br />of spaces in each lot. Estimated annual operating costs are $6,000. <br />East Bank Development Area Propert~Acquisitions $1,250,000 (2005) <br />This project consists of the acquisition of vacant land, substandard and marginal use buildings and <br />incompatible land uses. The acquisition, assemblage, and disposition of developable sites will <br />enable the City to continue to implement the 1987 East Bank Plan (as revised). The development <br />of the sites will increase the City's tax base and contribute to the continued revitalization of the East <br />Bank. The blocks and parcels targeted for acquisition will be identified in the new 2020 SBCDA <br />Physical Development Plan. <br />Funding Source <br />TIF Revenue Bond, <br />Activit~Date County Option Income Tax (COIT) <br />2005 1 250 000 and County Economic Development <br />TOTAL $1,250,000 Income Tax (CEDIT) <br />Project Ongoing_Operating Cost Impact <br />See comments for Downtown Property Acquisitions. Cost for both Downtown Property <br />Acquisitions and East Bank Development Area Property Acquisitions are included in the Downtown <br />Property Acquisitions. <br />East Bank Area Parking Improvements $4,400,000 (2005) <br />This project consists of the construction of one small parking deck of 250-350 spaces for a site <br />identified in the new 2020 SBCDA Physical Development Plan. The small decks will include street <br />frontage commercial or public space for retail, parks and recreation, and other mixed-use purposes. <br />The construction of the deck would allow for the removal of parking from the river and east raceway <br />frontage and enable the private sector to maximize commercial development. <br />D-34 <br />