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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />the second Whereas clause of Resolution <br />1151: <br />1. Currently 44.0% of the total building floor <br />area in the Studebaker Plant Complex is <br />vacant. Of the remaining 56.0 % off lour <br />area that is occupied, the majority is <br />underutilized as storage and warehousing. <br />Although the percentage of total building <br />floor area that is vacant is less than the <br />48.6% found vacant in 1986, its <br />significance is not reduced since large <br />vacant structures such as the Transwestern <br />and Avand Buildings have been demolished <br />by the Redevelopment Commission since <br />that time. <br />2. Since 1986 when the Studebaker Corridor <br />Development Area was found to be blighted <br />and declared a redevelopment area, over <br />40 structures have been demolished by the <br />Redevelopment Commission. These <br />demolitions have included such large <br />buildings as the Transwestern and Avand <br />Buildings. Significant costs were incurred <br />in remediating environmental problems <br />prior to demolition of these structures. <br />These costs would have been prohibitive to <br />most private sector redevelopment efforts. <br />It is anticipated that additional <br />environmental remediation activities and <br />the associated costs will deter private <br />redevelopment of this Area. <br />3. Over one - quarter (25.5%) of the 220 acres <br />of land in the Studebaker Corridor <br />-12- <br />