RM 06-14-85 - Laserfiche WebLink

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South Bend Regular Me, elopment Commission - June 14, 1985 6. NEW BUS$NESS (Cont.) a. Continued... co laints, demographics, building code violations, building permits, and building demblitions. The staff also asked Nicholas C. Jaruiotta & Associates to review the information that was collected, analyze it fraa the viewpoint of a real estate consultant, and comment on the relationship of the existing areas and the expansion areas to each other, as well as the growth of development in these areas. Mr. Jannotta has prepared a written report to the Commission and he was present with his associate, Abbott Nelson, to summarize his views on the Co ssion's actions. ThelChair recognized Mr. Nicholas Jannotta. Mr. Jannotta explained that as consultants they were asked to give their opinion regarding the appropriateness of merging and ex ding the three Redevelopment areas, East Bank, Monroe - Sample and the Central Development Urban Renewal areas, from the standpoint of real estate economics, markets and development feasibility. Mr. Jannotta sumnarized what their findings were in a report dated May, 1985. Mr. Jannotta noted their conclusions are that these proposals should be implemented for the following reasons: For economically viable development to proceed throughout these areas, the power of eminent domain and the ability to write down the cost of land are still re fired. These are needed to enable the ass lage of adequately sized parcels for development through the consolidation of fra tionalized ownership. A strong economic and market relationship exists between the three Redevelopment areas so that their merger into one area would be clearly beneficial for manigement, comprehensive planning and development. The expansion areas proposed are functionally and economically an integral part of the original Redevelopment areas designated and should be included therein. The following paragraphs set forth their analysis in support of these conclusions.