RM 08-23-85 - Laserfiche WebLink

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South Bend Regular Mei elopment Commission - August 23, 1985 6. NEW BUSINESS (Cont.) a. uonainuea... construction is not considered a redevelopment activity. Redevelopment funds cannot be used to build the baseball stadium. Mr. Hill explained that as part of the development agreement that was executed in approximately 1979, and part of the inducements for the investments on the part of lst Source Bank, Rahn Properties and the owners of the Marriott Hotel, the City ccumLitted to construct the pedestrian walkway from Century Center to the Marriott. Around the State of Indiana there was some conflict as to whether a pedestrian walkway was a redevelopment activity. The third or fourth amendment of Senator Douglas Hunt to the TIF legislation was to redefine and add the construction of pedestrian walkways as an acc ptable redevelopment activity. Mr. Hunt explained the preliminary uses of the TIF bond proceeds. The parking facility related to the Teachers Credit Union project is estimated at about $1,000,000. The acquisition/relocation costs for property within the South Bend Central Development Area are estimated at about $750,000. The facade program is estimated at $540,000. The ped strian walkway is estimated at approximately $1,000,000. Finally, the general public improvements are estimated at approximately $215,000, which would ess tially be curb and sidewalks, lan scapinq, street trees, benches, etc. Mr. Hunt stated that when looking at the accpiisition and relocation planned in comiection with the proposed baseball stadium, regardless of the future of the stadium, acqViisition in that downtown area is a priority for the overall downtown plan. The area is highly undeveloped and has underutilized land, whether privately or publicly owned. If the baseball stadium is not completed, that area has a future as ano er suburban office complex similar to the Bl k 6 development. -10-