01-10-05 Community & Economic Development

Home Browse Search

I - ' Community and Economic Develeument Committee 2005 South Bend Common Council The January 10, 2005 meeting of the Community and Economic Development Committee was called to order by its Chairperson, Council Member Roland Kelly at 3:37 p.m. in the Council Informal Meeting Room. Persons in attendance included Council Members Dieter, Pfeifer, Kelly, Puz7ello, Varner, Kuspa, Kirsits and Rouse; Director of Public Works Gary Gilot, Executive Director of Community and Economic Development Sharon Kendall, Economic Development Specialist Andy Laurent, Economic Development Specialist Tedd Schaffer, Senior Redevelopment Specialist Ann E. Kolata, Alan Feldbaum, Tedd Schaffer, Rita Kopala, City Clerk John Voorde, Richard J. Deahl and Council Attorney Kathleen Cekanski-Farrand. Council Member Kelly noted that the first item on the agenda was to review Substitute Bill No. 85-09 which would appropriate $40,100 of Indiana Development Finance Authority grant funds Within Fund#210 for the purpose of environmental investigation of 700 South Lafayette Street. Economic Development Specialist Andy Laurent made the presentation. The property in question is the Design Packaging, Inc. property. The funds are from the state's Brownfields Site Assessment Grant. Council Member Kirsits then made a motion, seconded by Council Member Kuspa that Substitute Bill No. 85-04 be recommended favorably to Council. The motion passed. Council Member Kelly then called for a presentation on Substitute Bill No. 93-04 which would authorize the issuance of bonds to evidence a loan from the Environmental Remediation Revolving Load Fund and pledging a portion of the City's COTT tax revenues to secure such bonds. Senior Redevelopment Specialist Ann E. Kolata made the presentation. The Bill would allow the City to borrow $750,000 for extra environmental costs at the Erskine Common site. The City qualifies for a 20% forgiveness or $150,000 if they meet certain economic development objectives. Anchor will be responsible for $300,000; and the City will be responsible for $300,000 with COLT dollars being the anticipated funding source. Interest will be at 2.5% for a maximum of 9 years and 11 months. The Indiana Development Finance Authority (IDFA) has approved this transaction, subject to Common Council approval. Draft agreements have been prepared with the transaction to take place on January 12, 2005. Ms. Kolata noted that Gary Gilot and Alan Feldbaum are present to address any question which the Council may have. In response to a question from Council Member Kirsits,Mr. Gilot noted that the area needs to be reshaped with a liner being installed and the parking lot sealing the site. The $750,000 will act as a corrective action plan which will be good for economy and good for the environment. Ms. Kolata added that the economic development goals include the creation of 430,000 square feet of development as well as the creation of 400 jobs. Community and Economic Development Committee of the 2005 South Bend Common Council -page 1-