No. 0908 expanding the boundaries of the WWCDA, expanding the allocation area for purposes of TIF, and amending the development plan

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o Projects which may be funded as part of the City's Community Development Block Grant (CDBG) program. These include all of the programs currently ad- ministered by the City, including residential rehabilitation site improvements, etc. Because CDBG funds are subject to annual appropriation, decisions on projects to be implemented are made on a one - year -at -a -time basis. WWCRP should work with the City to insure that progress continues to be made each year toward rehabilitation of buildings and the elimination of vacant, seriously deteriorated buildings. o To the extent that the City's general purpose revenues and staff resources will permit, an expanded program of crime prevention should be implemented. To be successful, the crime prevention program must be developed on a cooperative basis with the active involvement and support of the City's Police Department, all citizen -based organizations, and residents of the neighborhood. Successful completion of the Washington Street redevelopment project will have a major benefi- cial impact on the neighborhood. New housing should result in a major increase in real estate values that should, in turn, begin to provide the City with incremental real estate tax revenue. The existing assessed value of property within the Washington Street area is $99,520. Construc- tion of 40 residential units and the construction or rehabilitation of approximately 20,000 square feet of commercial building space will result in an increase in assessed value estimated at $800,000. At the current tax rate for the area, the increase in assessed value would result in an annual increase in property tax revenue estimated at $108,000. The incremental tax revenue can be used to finance additional improvement projects in the neighborhood. Preliminary, estimates of the cost of property acquisition, demolition and site improvements for the Washington Street area range from $385,000 to $675,000. Funds to be available as part of the Section 108 loan may be available for use in initiating the Chapin Street project. Completion of the Chapin Street revitalization project should follow Washington Street as a tar- get area for priority action. Although funding for Chapin Street may be provided as part of tax increment financing, consideration should be given to the feasibility of financing improvement projects from future bond issue proceeds. Development Plan Project Financing Implementation of neighborhood development projects will require a concentrated, cooperative effort by the public and private sectors of the community. It will require a programmed infu- sion of public and private capital. Either sector working alone cannot bring about the overall revitalization called for in the plan. Public and private interests must perform their separate roles in a cooperative and mutually supportive way. Economic Development Many elements of the development plan, including residential and commercial development, must be carried out by private investors. While the timing and sequence of these projects will be determined largely by the financial position of individual private investors, and by the local and national economy, South Bend can undertake certain actions to stimulate and direct invest- ment. Public funds could finance those projects which the private sector does not or cannot address by itself. Public projects could be undertaken that would improve the overall downtown environ- ment and indirectly promote new private investment. In certain cases, public land could be of- fered at attractive prices to encourage desired types of new activity. 30