RM 06-14-85 - Laserfiche WebLink

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South Bend edevelopment Commission Regular Mee ing - June 14, 1985 6. NEW BUSINESS (Cont.) a. uon inuea... is a multi - story, retail building with high operating costs that were adversely impacting the financial statement of Robertson's, so the went to a low -rise building containing a mor efficient number of square feet. Mr. Jannotta discussed economic obsolescence which refers to reversed environmental factors or to the innappropriate location of a structure for the use it is intended. This can result from changes in the highest and bes use of land and economic trends. The redevelopment area is either trying to eliminate those kinds of factors or to soften the effect by doing buffer zones and transitional areas to maintain values. Ana er point regarding blight is a large degree of fractionalized ownership which inhibits the assemblage of adequately sized parcels for new development, rennovation and conversion to new uses. The close functional and economic relationship which exists between the three Redevelopment aruis warrant their merger into a single development area. Again, it facilitates the co rehensive planning, management and orderly development of all these three areas. There is a considerable amount of paperwork involved in the coordination of these three project areas which would be eliminated in the merger of the project area. While each of these arais have their own individual characteristics, the real estate market within them to a large extent is interdependant. The success or failure of redeveloment in one area directly affects the real estate market in the other areas. Within the context of the Central area, each of these development areas per orms distinct functions and impacts the other, and development should be carefully designed to maximize the mutual support be een the uses not only within each area, but within the total merger of the three -11-