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South Bend edevelopment Commission Regular Mee ing - December 4, 1981 5. COMMUNJI ATIONS (continued) Mrs. Brookins: I would like to recommend that this Com- mission not demolish the Odd Fellows Building for the followi g reasons, and I would like this to be a general policy Edopted by this Commission and,hopefully, the new Commission will be thinking along these lines: Basically, is if it can be fixed, if it ain't broke don't fix it. Waste n t, want not, and this resolution would be of the followi g order: Resolve not to demolish anything unless tax pro ucing construction of greater value is committed, and abs lutely committed to that location that will be of greater tax producing value than that which is demolished. Now this is a general, theoretical statement, but I think that if this Commission adopted this policy we would not be face with the corn fields of Downtown South Bend, and I think that I would recommend strongly that as a Redevelop- ment Commission, you have failed terribly in this procedure, you haVE not replaced tax producing things that in fact are on the tax rolls with something that will be on the tax rolls. Now my understanding was that the Odd Fellows Build- ing at some point in the {past, and I do not know what point, ad an assessed valuation of $300,000. It is also my unde standing that the TRANSPO thing will be tax free. as such you would be most unwise and, in fact, unprofes- sional to demolish something that is capable of increas- ing our taxes, our tax revenues at a very little risk to this Commission, I must say and a great benefit. I think you haVE basically a no lose solution, you can simply do what we suggest. And I would again I will meet with you, Mr. Nim z, and we can work on this resolution and I would hope that you would it under serious consideration as a guiding policy of the Redevelopment Commission. Mr. Nim z: Well, we're not going to get into a lot of answers on this thing, but I presume that the First Bank - Marriot Center is on the tax roll. Is that right? Mr. McMahon: Yes, Mr. Nim z: Do you have any idea what the assessed valuati n is? Mr. McM assesses time, bi constru somethi hon: No, I do not, because it has not been fully since it is just coming up for assessment at this t it represents approximately $30 million worth of tion, at say a 1/3 ratio in a 10% rate, that's g in the range of $3 million. 16