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South Bend Redevelopment Commission <br />Special Meeting - February 24, 1998 <br />2. OLD BUSINESS (CONT.) <br />a. continued.... <br />will be put on that corner for anyone who <br />would build there are expected to be: <br />parking, if any, must be landscaped and <br />buffered, the purchaser would need to <br />work with other property owners in that <br />block to coordinate a circulation and <br />parking plan for the whole block, major <br />public investment is not being looked at <br />for that quarter block other than the <br />acquisition and assemblage of the site, if <br />public involvement beyond that is <br />required, it would be limited to curb and <br />sidewalk improvements and landscaping. <br />Construction of another parking garage <br />would not be approved. In accordance <br />with the Common Council ordinance on <br />tax abatement, any new development on <br />the quarter block would be eligible for tax <br />abatement. <br />There currently is a need to make new <br />sites available for Class A office <br />development as the semi- annual survey of <br />office buildings shows, approximately 95 <br />percent occupancy in Class A office <br />buildings. The five percent vacancy is <br />split up and divided among a number of <br />buildings. There currently are no large <br />square footage spaces available in Class A <br />office space for someone who is interested <br />in moving downtown. It is necessary to <br />have Class A office space available for <br />someone who is looking to move into <br />downtown. <br />IM <br />