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South Bend Redevelopment Commission <br />Special Meeting - September 08, 2000 <br />6. NEW BUSINESS <br />a. Commission approval requested for the <br />Crowe Chizek Redevelopment Agreement. <br />Ms. Greene explained that Crowe Chizek would <br />give a 15 year commitment to remain in South <br />Bend and to expand their existing facility. <br />During the first 5 years of the project, they would <br />retain an existing 433 jobs and over the first 5 <br />year phase, would add an additional 150 jobs, <br />with that phase end around December 31, 2006. <br />She went on to say that starting early next year, <br />Crowe Chizek plans to erect a 50,000 sq. ft. <br />building adjacent to their existing building, <br />which will house the increased workforce. <br />Ms. Greene stated that the Redevelopment <br />Agreement states that Redevelopment will <br />provide the room for the expansion through <br />certain street vacations and to assist in the <br />acquisition of certain nearby properties for <br />Crowe Chizek. She also explained that the <br />agreement sets penalties for failure to meet the <br />commitment of the number of jobs and credits <br />for exceeding the number of jobs. She noted that <br />the penalties and credits are based on the public <br />cost per job and that takes into consideration any <br />cost relating to the improvement of the <br />infrastructure for the site. <br />Ms. Greene stated that the Redevelopment <br />Agreement creates an allowance for additional <br />expansion beyond the initial 150 jobs in the first <br />5 years, by having two additional phases for the <br />project. She noted that each phase would tie in <br />penalties and credits related to the cost imposed <br />by the expansion. <br />-2- <br />