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South Bend Redevelopment Commission <br />Regular Meoting - September 8, 1989 <br />6. NEW BUTS (Cont.) <br />g. continued... <br />: base, create jobs, and promote <br />ther development of the area in <br />eral. The addition of the outlet mall <br />ne would create fifty full time and <br />my part time jobs to the area, <br />Toyed by twenty -two full time and <br />ty -eight part time tenants. The mall <br />ld construct a 100,000 sft building in <br />southwest portion of the Brick/Olive <br />a. Hard construction costs are <br />jected at $3,300,000 with total <br />ject costs totalling approximately <br />700,000. <br />Another benefit to the South Bend area <br />will be that this outlet mall projects <br />t they will attract approximately <br />500,000 shoppers per year, two thirds of <br />t1wm. frarn outside of a twenty -five mile <br />radius. The sales revenue they project <br />is $7,000,000 the first year, $9,000,000 <br />the second year, and $10,300,000 the <br />third year. The outlet mall expects to <br />be open by July 1990. <br />Mr. Pocius explained that the public <br />iiqrovements anticipated for this area <br />woLld be the construction of a new, three <br />lare access road extending approximately <br />1,C00 feet south from Brick Road into the <br />prcject site. It would serve the outlet <br />null and any other future development in <br />area. The cost of the roadway with <br />se-oer and water lines is approximately <br />$6 0,000. <br />Mr. Pocius explained that financing for <br />the roadway and any sewer and water costs <br />is expected to came from a State of <br />Indiana grant or loan from the Toll Road <br />Transportation Improvement Fund. If a <br />grant application failed, we would apply <br />for a low or interest free loan which <br />would be repaid from tax increment <br />generated in the Brick,/Olive Economic <br />Development Area. We would expect to be <br />