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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 />construction of new ones and utility work <br />necessary to support the project. <br />Redevelopment, like the Eddy Street <br />Commons, simply cannot happen without <br />this type of financial support. Equally <br />important, the TIF would also finance the <br />infrastructure of the Triangle, which will <br />replace a seriously blighted area with new <br />single-family housing, 30% of which will be <br />reserved for low to moderate income families <br />and sold under affordable housing programs. <br />Notre Dame strongly supports these efforts <br />because of a vital role that the Northeast <br />Neighborhood plays with both the life of our <br />overall community and that of the university <br />itself. We want to see this area redeveloped <br />and revitalized. We want to see a vibrant, <br />commercial civic life in this area. And, we <br />need this project to succeed because it is <br />crucial to our attracting the kind of students <br />and faculty that we need to create a great <br />university. The TIF will pay for the <br />infrastructure installed today with future tax <br />increment that would not exist except for this <br />project. We feel that this is an appropriate <br />contribution by the city, which will enhance <br />the contribution already being made to the <br />efforts by the university. Those contributions <br />include the following. We voluntarily <br />annexed to the city and put on the tax rolls <br />twenty six acres of land that had previously <br />been part of the campus. This was in <br />anticipation of not just the Eddy Street <br />Commons but also other collaborative <br />ventures, such as the Innovation Park. We <br />have assembled land for Eddy Street <br />15 <br />
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