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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -November 2, 2007 <br />6. NEW BUSINESS <br />A. Public Hearing <br />(7) continued... <br />Coveleski. When Coveleski was built twenty <br />years ago, there had been hope for <br />development that would occur around the <br />stadium. Some of that didn't happen because <br />of private ownership around that was already <br />good ownership. But there was expectation <br />of some retail, some additional housing <br />around the stadium. What we've asked HOK <br />to look at is, not only the stadium itself, and <br />potentially a new entrance that ties the <br />stadium closer into downtown, but the <br />surrounding area as well. There's a <br />possibility for significant development in that <br />area that could be new residential, some new <br />office or retail space, that compliments <br />what's going on downtown and brings <br />additional private sector investment to the <br />area. One of the other roles that the city <br />plays, of course, is consolidation of property. <br />One of the challenges we faced with the old <br />Studebaker properties is that it went into <br />multiple ownership over the years. It became <br />very difficult for the city to be able to bring <br />new investors, to bring new companies to <br />those properties and ultimately became very <br />expensive for the city. Again, multiple <br />properties in this area, if they go into private <br />hands for a less than maximum use, we <br />haven't done our due diligence to try to say <br />"how can we best encourage that private <br />investment in downtown." So, I believe the <br />proposal to put these on the acquisition list <br />that allows us the opportunity to buy, based <br />on a plan that will come back before the <br />Commission, we have to have confidence in <br />the ability of that plan to move forward, <br />47 <br />