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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –February 6, 2008 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />F. Northeast Neighborhood Development Area <br /> <br />(1) continued… <br /> <br />Section 1.3 outlines the definition of private <br />investment. We wanted to be clear with <br />everyone, including the developer, that <br />private investment must be directly related to <br />construction. It includes hard construction <br />costs, and may include some soft costs such <br />as architectural and engineering, but these <br />private investment costs are really expected <br />to be investments that create assessed value <br />on the site. <br /> <br />Mr. Inks noted that in Section 2.3, the Term <br />of the Agreement, the agreement is <br />terminated upon the earlier of the private <br />investment number reaching $169,300,000 or <br />the date on which the assessed value is <br />determined to be $157,000,000. <br /> <br />Sections 4.3, 4.4 and 4.5 lay out the <br />description of the project: square footage of <br />the office space, the retail space, the <br />apartments, the hotel development, the other <br />residential aspects. Section 4.5(d) gives a <br />market driven residential component: 60 of <br />the flats, 47 of the city homes and 20 <br />courtyard townhomes will essentially be <br />constructed as there is demand for those <br />units. <br /> <br />Mr. Peczkowski noted, referring to the site <br />plan, that no single structure covers as much <br />square footage as the garage that the city is <br />responsible for building. Why is it that <br />exclusively on taxpayer nickels? He said he <br />understands the theory of municipal parking <br />garages, but there are a lot of challenges to <br /> 12 <br /> <br />