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The Project The Studebaker /Oliver Plow Works Strategy was developed in 1999 and calls for an ambi- tious 10 — 15 year program to completely revitalize the proper- ties within the project area. The estimated cost of all project ac- tivities (including acquisition, clearance, environmental reme- diation, site preparation and in- frastructure for Areas A and C) ranges from $13,000,000 to $33,000,000. Funding • Between 1990 and 1999 the City of South Bend invested more than $6,000,000 to rede- velop the Studebaker Corridor • Between 2000 and 2002 the City has identified $7,648,815 for the next phase of the project Employment The area that formerly was home to Studebaker and Oliver Plow has suffered from long term economic decline and loss of jobs: YEAR JOBS 1950 21,525 1960 8,350 1970 2,038 1989 1,681 2001 79 2002 fewer than 75 11 Building Vacancy More than 70% of the buildings in the area are vacant. • Area A 2,845,716 Square Feet 2,388,903 Vacant • Area B 804,408 Square Feet 160,000 Vacant • Oliver Plow 913,794 Square Feet 833,794 Vacant 1910 Studebaker (fop ", 19M Oliver Plow (WP rlghfJ, Studebaker Bldg 85 (far left); Studebaker Bldg 78 (above); Oliver Bldg 43 (ieff) Buildings Obsolete for Manufacturing • Multi—story buildings not in demand • Low ceiling heights • Mismatched floor levels • Limited loading docks • Small bay sizes • Structural columns limit use • Limited parking • Buildings are too large for today's demand eed for Additional Federal and State 1 • The magnitude of the problem is a huge chal- lenge to the local com- munity. • No single source of financing will be able to address the problem. South Bend needs a variety of finan- cial sources in order to bring about revitalization. • The Region, State and Na- tion benefited from the area when it was highly productive; they should also participate in the cost of revitalization. • Funding is needed for ac- quisition of rights —of —way, street construction, extension of water and sewer lines, street lights and streetscape. • Additional funding from the Federal and State government will be pursued to help with en- vironmental retnediation (cost unknown) and the major costs of demolition. { 1986 1991 -1992 s Studebaker 1990 Transwestern Corridor «� 1965 men million a Av tggg , Alllpd Products tlevelo p Gent Gen buildings *- a- ;00.r.1te alto. General M h? " South send 'Ci v Plan created Obligation Bond demolished by d by Stanipiny ceases Oliver e`r ,.Yry and Issued for protect Clty, (right) ' — operations _ Q2 tPatO Studebaker 1993 activities, (right) .t Caro (no Photo) Sui Engineering _ ' Oevelopm ( B uil d P ig purchasetl by Area city. (rlghf) desigroted, } � � (no Phobi I I I ti ` p Studebaker Oliver