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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 />Bend, Indiana adjacent to the University of <br />Notre Dame campus. This mixed use <br />development is proposed to include the <br />following: 90,000 square retail shops, 268 <br />apartment homes, 75,000 square feet of <br />office, one full service hotel with conference <br />facilities and three floors of condominiums <br />on top, one limited service hotel, 189 <br />condominium homes in four different <br />product types in addition to those on the top <br />three floors of the full service hotel, open <br />space and a 1,281 space parking structure. <br />This proposed $222 million private/public <br />development is anticipated to create 779 jobs <br />during the build out timetable and an <br />additiona1432 full time jobs upon <br />completion. Over a ten year period after <br />completion, the total economic impact is <br />proposed to be over $500 million creating <br />over 1,100 new jobs with projected <br />household earnings of over $88 million. <br />Mr. Inks noted that the schedule of the <br />various steps leading up to the bond sale are <br />as follows: Assuming approval of <br />Resolution No. 2392 today, the Common <br />Council would consider the bond, taking <br />final action on it on November 26. Then the <br />staff would make a presentation to the Local <br />Government Property Tax Control Board on <br />December 13 with approval anticipated <br />January 3, 2008. We would expect to sell the <br />bonds about February 12. Then we would <br />come back to the Commission to amend the <br />Lease to reflect the actual terms of the bond <br />
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