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No. 0762 designating Studebaker Corridor Dev. Area, declaring SCDA blighted, approving a dev. plan/conditions under which relocation pmts. will be made, and establishing allocation area for purposes of TIF
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No. 0762 designating Studebaker Corridor Dev. Area, declaring SCDA blighted, approving a dev. plan/conditions under which relocation pmts. will be made, and establishing allocation area for purposes of TIF
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rr <br />r INTRODUCTION c }+� 1 711 <br />The Studebaker Corridor Development Plan provides the City of <br />■. South Bend with a stragegy to reuse and revitalize one of the <br />community's potentially great assets, the land and buildings within <br />the Studebaker Industrial Complex and adjacent area. The project <br />area, which encompasses the main plant complex of the former <br />Studebaker Motor Corporation, as well as other underutilized land <br />adjacent to the plant, consists of approximately 220 acres located <br />near the southwest portion of the Central Business District. The <br />to revitalization of this area will provide a needed stimulus to <br />existing users while enhancing the potential for attracting new <br />businesses and industries. <br />The Development Plan that follows is designed to guide a <br />coordinated effort that involves both public and private resources <br />for the purpose of transforming this underutilized area into a <br />viable commercial and industrial site. Currently, the physical <br />obsolescence of several industrial buildings has precluded any <br />direct involvement by the private sector. The passage of time will <br />only intensify this problem and make it more costly to correct. <br />With several successful developments underway nearby - namely Monroe <br />Industrial Park and the East Bank Development Area - the time to <br />initiate positive change is at hand. <br />An integral part of the Studebaker Corridor Development Plan is <br />low the recognition that existing industrial buildings offer the <br />advantage of a low per square foot cost as compared to the price of <br />comparable new construction. This inherent advantage, coupled with <br />supporting public improvements such as improved roads and private <br />r investment such as structural rehabilitation and environmental <br />cleanup will make the area more attractive to private investment. <br />At the same time, the strategy recognizes that not all the large <br />buildings within the main plant complex can be rehabilitated because <br />of the lack of market demand for the multi -story industrial space or <br />because rehabilitation is not feasible from a physical or financial <br />standpoint. Special emphasis is also placed on the identification of <br />underutilized sites for the purpose of encouraging new development. <br />Other acquisition, relocation and clearance activities might occur <br />in areas adjacent to the main plant complex for the purpose of <br />+� attaining a wholly compatible land use within the development area. <br />01 By adopting this plan the City of South Bend will be taking a <br />first step in the long term process of revitalizing the Studebaker <br />Corridor. The City will also gain the immediate benefits of the tax <br />increment that will be captured in this allocation area. By <br />utilizing a coordinated approach involving the public and private <br />sectors, this area can once again become a flourishing commerical <br />and industrial center that complements the Central Business District <br />i and significantly increase the City's tax base. <br />r <br />iw <br />ir. <br />-1- 1/10/86 <br />
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