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South Bend edevelcpment Commission <br />Special Mee ing - October 17, 1989 <br />2. NEW BUSMESS (Cont.) <br />a. continued... <br />Ecor cmic Developanent Area, Findings <br />of act: The South Bend <br />Redevelopment Camussion has <br />co cted a study of the Brick/olive <br />Ecoromic Development Area (Area) and <br />has found that the lack of economic <br />develcpment in the Area cannot be <br />co by regulatory process or by <br />the ordinary operations of private <br />en rise without resorting to the <br />Indiana Redevelopment law, IC <br />36-7-14-1, et. seq. The Brick,/Olive <br />Economic Development Area ("Area ") <br />has been zoned "D ", Light Industrial, <br />for many years. However, lack of <br />roadway access and utilities have <br />de normal development and <br />for land that otherwise is <br />an occ=ent location for <br />Once needed public inprovements are <br />in place, the Redevelopment <br />'ssion expects that this area <br />will provide a prime opportunity for <br />new private development. <br />The general public benefits of the <br />economic development area will be: 1) <br />The private development of vacant <br />land through the creation of <br />developable sites; 2) An increase in <br />the local tax base; 3) The creation <br />of new employment opportunities for <br />citizens of South Bend. Specific, <br />mea-surable benefits include, but are <br />not limited to, the following: 1) The <br />at ction of a major retail outlet <br />mal , which will include construction <br />of at new 100,000 square foot <br />building; 2) The creation of <br />approximately 50 full time and 20 <br />time jobs; 3) Approximately <br />$4,100,000 of new private investment <br />in area; 4) The private <br />dev anent of approximately 20 acres <br />in the area. <br />-5- <br />