12/10/07 Community and Economic Development Committee

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Community and Economic Development Committee ' -~ 2007 South Bend Common Council The December 10, 2007 meeting of the Community and Economic Development Committee of the South Bend Common Council was called to order by its Chairperson Council Member Derek Dieter at 4:25 p.m. in the Council's Informal Meeting Room. Persons in attendance included Council Members Dieter, Varner, White, Kirsits, Kelly, Pfeifer, Rouse and Puzzello; Citizen Member Phil Panzica, Citizen Member Martin Wolfson, Mayor Stephen Luecke, Richard Hill, Robert Mathia, Ashley Ottesen of Kite Realty Group, City Clerk John Voorde, Mrs. Kopola, Frank Perri, Public Works Director Gary Gilot, Richard Nussbaum, Don Inks, Martha Lewis, Charles Hayes, Mike Urbanski, unidentified members of the public, Jamie Loo of the South Bend Tribune and Kathleen Cekanski-Farrand, Council Attorney. Council Member Dieter noted that the Committee members include Council Members Kelly, Puzzello, White, and himself; and that Phil Panzica and Professor Marty Wolfson serve as citizen members. Bill No. 81-07: Ordinance Approvinct a Lease for Certain Public Improvements Between the South Bend Redevelopment Commission and the South Bend Redevelopment Authority for the Eddy Street Commons and Triangle Projects in the Northeast Neighborhood: Council Member Dieter called for a presentation on Bill No. 81-07 which addresses a Lease Revenue Bond to be issued by the Redevelopment Authority involving lease payments of $3,717,000 annually. Mayor Luecke made the formal presentation. He noted that an earlier Committee meeting had been held on this ordinance where much information was shared. He stated that the process has been long. The lease revenue bonds would be issued by the Redevelopment Authority with assets being used to construct a parking garage, make various street improvements, site improvements and related utility work, which would be leased to the Redevelopment Commission. Lease payments would be $3,717,000 annually with the projected private invested for this mixed use project in the Eddy Street Commons and the Triangle Project being estimated at $185,000,000. Mayor Luecke asked for a favorable recommendation to the Common Council by the Committee. Don Inks of the Department of Community and Economic Development Department provided handouts to the Committee which he highlighted. The handouts included: