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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Finally, I ask that the Redevelopment <br />Commission be aware, that, while the <br />architect's detailed estimates indicate that <br />Riley can be renovated, both on the exterior <br />and the interior, for $8,615,000, the <br />estimated cost prior to the plans to acquire <br />these over 55 houses, was $117,000,000. <br />Now, you say, well, I've seen figures of <br />$65,000,000. But that's a 20 -year bond issue <br />and even at the very best rates that they've <br />projected, somebody —you and I as taxpayers <br />in the South Bend Community School <br />Corporation —are going to have to pay for <br />that. And by the time we're done paying for <br />that, we'll have at least $117,000,000 out. <br />When we could, from the Capital Fund, from <br />the monies that are available to the School <br />City right now, comprehensively rehabilitate <br />Riley as proposed by the architects. So the <br />idea that we need to tear down that beautiful <br />building is just reprehensible. It doesn't <br />make any sense and will do a great disservice <br />to the neighborhood to acquire those 55 <br />houses. <br />I would ask that the approval of this plan as it <br />relates to the area in question be withheld <br />until such time as the State Tax Board gives <br />approval to the floating of a bond issue to <br />permit the demolition of the beautiful, <br />existing Riley High School and the <br />expenditure of over $117,000,000 of public <br />taxpayers' funds. Now, I don't know that <br />that would do any damage to your plan; just <br />go ahead and approve it with the exception of <br />that one section and just hold up approval of <br />-22- <br />3 <br />