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South Bend .'Redevelopment Com-nission <br />Regular Meeting - August 23, 1985 <br />6. NEW BUSINESS (Cont.) <br />a. uonv-inuea... <br />do town did not have the Gateway Center, <br />Business & Technology Center, the Palais <br />Royale, the 100 N. Michigan storefronts, <br />She fern Advertising, Gilberts, Teachers <br />Credit Union, expanded Osco's, One Michigaa <br />Square, Crowe - Chizek expansion, the completion <br />of Block 6 with Dr. Harrington's project on <br />the last available parcel of land, St. Joseph <br />Tower, 227 S. Main rennovation, and the South <br />Bend Tribune expansion. These are just some <br />of the activities that have occurred in the <br />do town area. A good physical environment <br />has been set for private sector investment. <br />Due to this development, the TIF bond will be <br />based on the increase in assessed valuation in <br />the allocation area. This will be a pure <br />rev nue bond for which taxes cannot be levied. <br />The development already occurring will be <br />paying for future development in the downtown. <br />What the Commission is proposing is a $4.2 <br />mil ion bond issue. The general uses for the <br />funds would include a legal obligation for a <br />skyaalk connection of the Century Center and <br />the Marriott Hotel. This would be a <br />treiiendous benefit to the tourism and <br />convention traffic in downtown South Bend. <br />Last year the tourism and convention traffic <br />bro ght in $50 million worth of revenue to <br />thi conanunity. Other proposed uses include <br />the construction of a parking facility in <br />conaection with the Teachers Credit Union <br />project, the acquisition of downtown property, <br />including property for the proposed baseball <br />stadium, a public facade improvement program <br />in line with the strategy of the Downtown <br />Tec ical Advisory Committee, and, lastly, <br />pub is improvements in the downtown. <br />Mr. Hunt thanked the Redevelopment staff for <br />their work with the TIF process, especially <br />Ann Kolata, who headed the staff in the merger <br />of the Redevelopment areas, and Loren Rooney, <br />who prepared the necessary County tax data. <br />Mr. Hunt also thanked Richard Hill, Eugenia <br />Sch artz and Mike Richardson for the excellent <br />legal work they performed throughout the TIF <br />process. Also thanked were the County Auditor <br />and County Assessor who cooperated with the <br />-4- <br />