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11-02-07 Redevelopment Commission Minutes
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11-02-07 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -November 2, 2007 <br />6. NEW BUSINESS <br />A. Public Hearing <br />(1) continued... <br />The total private investment expected in this <br />project is $185,000,000. The public <br />investment in this project is primarily related <br />to the parking garage at $22,000,000. There <br />are streets and utilities in the bond for <br />another $6,400,000. We will also do some <br />ash removal for $1,300,000 for a total public <br />investment from the net bond proceeds of <br />$30,000,000. An additional $6,700,000 of <br />city cash will be used to complete other street <br />projects in the project area. The ratio of <br />public to private expenditures for the <br />development would therefore be five to one. <br />Mr. Inks noted that we have looked at the <br />cash flow in terms of being able to service <br />the lease payments on the bond, as well as <br />repay the city's cash over time. At this point <br />we are looking at debt service on the bonds <br />of approximately $3,100,000 and TIF <br />revenue to be generated from the project of <br />$4,100,000. There appears to be adequate <br />coverage to repay the bonds and the cash <br />infusion from the city for the project. <br />Mr. Inks also noted that the University of <br />Notre Dame has made significant investment <br />in the Northeast Neighborhood over the past <br />several years, including property <br />acquisitions, the Edison Road realignment, <br />the DeBartolo Performing Arts Center, the <br />Innovation Park, the Robinson Center, and <br />the support they have given to the Northeast <br />Neighborhood Revitalization Organization. <br />That investment comes to $39,000,000 over <br />the past few years. <br />10 <br />
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