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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 40001-1830 <br />PHONE 574/ 235-9371 <br />Fax 574/235-9021 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY ~ ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />November 6, 2007 <br />South Bend Common Council <br />Fourth Floor Council Chambers <br />400 County-City Building <br />South Bend, IN 46601 <br />Dear Council Member: <br />The attached bill for your consideration and approval will approve the Lease for the Eddy <br />Street Commons and Triangle Projects in the Northeast Neighborhood. Financing for these <br />projects is being done as a Lease Revenue Bond to be issued by the Redevelopment <br />Authority. Assets constructed with the bond proceeds, including a parking garage, various <br />street improvements, site improvements and utility work, will be leased to the Redevelopment <br />Commission. This Lease includes provisions for lease payments of $3,717,000 per year. <br />The Eddy Street Commons and Triangle Projects will generate $185,000,000 of private <br />investment for a mixed use project containing retail, office and residential development along <br />with two hotels. <br />Jeff Gibney or I will make presentation to the Council at your May 29th meeting. If you have <br />any questions, please call me at 235-9339. <br />Sin erely, <br />^n.~ <br />Wald E. Inks <br />Director <br />Economic Development <br />cc: Jeff Gibney <br />Don Inks <br />Filed In Clerk's Office <br />P~OV - 7 ~C~7 <br />JOHFJ VOORDE <br />CITY CLERK, 50.8END, IM. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM I <br />PAMELA C. MEVea DONALD E. INxs MANAC,'EMENT a <br />574/235-9660 574/235-9371 E~iuaerH LEONARD <br />FAX: 574/235-9697 574/235-9371 <br />