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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 />the theory that it is the right of every person <br />who owns a car to have a parking place and <br />that that parking place needs to be provided <br />by a municipality. Why isn’t the hotel <br />contributing to the cost of the parking <br />garage? Won’t they benefit from it? Why <br />aren’t some of the apartment buildings going <br />to contribute to the cost of parking? Mr. Inks <br />responded that in some communities the <br />market can pay for structured parking. <br />Chicago is a good example for that. But <br />South Bend will not pay the rates Chicago <br />charges for parking. From an economic <br />standpoint, that garage would not be self <br />sufficient. The only way those structures <br />will exist is if they are publicly funded. If <br />you want to see dense development, which <br />the City of South Bend does want, <br />particularly in the inner city, it needs to be <br />supported by structured parking. <br /> <br />Mr. Peczkowski also pointed out how costly <br />maintenance is on garages. Mr. Inks <br />indicated that the city has taken into account <br />the cost of garage maintenance in the way <br />this deal is structured with Kite. The city <br />will be looking to dispose of the property <br />under a lease, the terms of which will call for <br />the leasing entity to provide all operating and <br />maintenance costs, including capital costs <br />over the term of the lease (25 years). The <br />city will not pay any costs related to <br />operation of the garage. At the end of 25 <br />years, ownership of the garage will be turned <br />over to the leasing entity. <br /> <br /> 13 <br /> <br />