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1200 COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND,INDL4NA 46601-1830 <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 ~L ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTNE DIRECTOR rr \\ <br />November 6, 2007 ~~ + ~-- V <br />~ l <br />4 <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 December 10th meeting. If you <br />have any questions, please-call me at 235-9339. <br />Sinc r ly, <br />~~.:- <br />Do ald E. Inks <br />Director <br />Economic Development <br />cc: Jeff Gibney <br />Don Inks <br />~i1~d to Clerk's Office <br />JAN r 9 ~ <br />JDHN VSO. BE D, IN. <br />CITY CIEFK, <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT ~ FINANCIAL RC PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574!235-9660 574/235-9371 ELIZABETH LEONARD <br />FAX: 574/235-9697 574/235-9371 <br />