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No. 0898 approving proposed lease between the SBRA and the SBRC for certain land/public improvements, approving plans, specifications, cost estimates for project, setting a public hearing on proposed lease, authorizing publication of public hearing
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No. 0898 approving proposed lease between the SBRA and the SBRC for certain land/public improvements, approving plans, specifications, cost estimates for project, setting a public hearing on proposed lease, authorizing publication of public hearing
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Y <br />Exhibit A to <br />Resolution No. 896 <br />Brick /Olive Economic Development Area <br />Findings of Fact <br />October 17, 1989 <br />The South Bend Redevelopment Commission has conducted a study of <br />the Brick /Olive Economic Development Area (Area) and has found that <br />the lack of economic development in the Area cannot be corrected by <br />regulatory process or by the ordinary operations of private <br />enterprise without resorting to the Indiana Redevelopment Law, IC <br />36- 7 -14 -1, et. seq. The Brick /Olive Economic Development Area <br />( "Area "), has been zoned "D ", Light Industrial, for many years. <br />However, lack of roadway access and utilities have deterred normal <br />development and occupancy for land that otherwise is an excellent <br />location for development. <br />Once needed public improvements are in place, the Redevelopment <br />Commission expects that this area will provide a prime opportunity <br />for new private development. <br />General public benefits will include: <br />1. The private development of vacant land through the creation of <br />developable sites. <br />2. An increase in the local tax base. <br />3. The creation of new employment opportunities for citizens of <br />South Bend. <br />Specific, measurable benefits, include, but are not limited to, the <br />following: <br />1. The attraction of a major retail outlet mall, which will <br />include construction of a new 100,000 s.f. building. <br />2. The creation of approximately 50 full time and 20 part time <br />jobs. <br />3. Approximately $4,700,000 of new private investment in the area. <br />4. The private development of approximately 20 acres in the area. <br />AM KCP:ml /e <br />
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