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South Bend evelopment Camiission <br />Special Meeting - October 17, 1989 <br />2. NEW BUSINESS (Cont.) <br />a. cominuea... <br />new jobs for South Beard, will <br />increase the tax base of South Bend, <br />and will encourage new investment and <br />con,struction in the area, as well as <br />attracting new businesses to the <br />area. Specifically, we hope to <br />at ct a new retail outlet mall to <br />the area. This outlet mall will <br />corm.truct a building of approximately <br />100,000 square feet. They plan on <br />bringing at least 50 full time jobs <br />to our area and 20 part time jobs. <br />The total investment for the outlet <br />mall project will be approximately <br />$4. 17 million. The hard construction <br />cos will be about $3.3 million. To <br />giv you an example of the amount of <br />traffic that this mall will generate, <br />the are looking at approximately <br />500 000 shoppers caning to the outlet <br />mal per year and their estimate <br />would be that about two - thirds of <br />these would be fraam out of our <br />coui ty, from a 25 mile or longer <br />radLus. So you can see that there <br />wxxi-d be a lot of outside dollars <br />cam -ng into South Bend as a result of <br />this project. Estimated sales <br />rev, ues from the outlet mall project <br />wou d be, for the first year, <br />approximately $7,000,000, for the <br />year, $9,000,000, and for the <br />year, $10,000,000. <br />The overall cost of the public <br />improvements in the area, the road <br />and the other public improvements we <br />are talking about, would be <br />approximately $600,000. We are <br />h ful of funding this through a <br />grazit or loan from the Toll Road <br />Transportation Improvement Fund. We <br />anticipate that a Tax Increment <br />Rev a Bond would be a fall back if <br />thio were not to be approved. <br />Mr�Focius read Exhibit A to <br />R lution No. 896, Brick/Olive <br />-4- <br />