1992-06-18 Resolution 56 - Laserfiche WebLink

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The Allocation Area has a base assessed value of $26,131,717. The base assessment year varies for certain parts of tY.e Area, rangingg from March 1,1980 to March 1,1989. The estimated 1991 net assessed value (for taxes payable in 1992) is $43,473,160 providing a captured assessed value of $17,341,443. The estimated 1992 net assessed value (for taxes payable in 1993) is $44,073,160 providing a captured assessed value of $17,941,443. The Development Plan for the Area has as its overall goal the economic revitalization and physical development of the Area. Related goals include: creating a multi-use regional center for North Central Indiana and South Central Michigan for business and consumer services, speciality retail, governmental and medical services, cultural, entertainment, recreational, and. convention .uses;. strengthening the residential component of the Area by increasing the number and type of middle income .housing units; increasing the level of private investment and reinvestment in the Area; increasing the tax base in the Area; retaining and .increasing jobs in the Area; and increasing functions and facilities within the Area to make it an attractive and competitive option for living, working and enjoying recreational activities. Specific objectives of the Development Plan are outlined for each of the three originally designated. components of the Development District:. the Central Business District, the East Bank, and Monroe Park. The objectives seek to develop the unique character of each of the three segments while focus~mgeach is overall redevelopment goals. A brief description of each area and the development occurring , found in the following section. Central Business District Located primarily: along the west bank of the St. Joseph River, the Central Business District includes commercial, retail, entertainment, government and convention facilities. More than .1,750,000 s.f. of office space is currently located in the Central Business District making it the largest concentration of office space in the region. A significant.impetus for additional downtown development was created'by the construction of the Stanley Coveleski Regional Stadium which opened in 1987. The multi-purpose stadium is designed for a variety of recreational activities and is the home of a Class A baseball team affiliated with the Chicago White Sox. This $6.25 million municipal facility, financed through alease-purchase agreement, is expected to • generate additional development within the Central Business District. Monroe Park Originally residential in character, this area had a rapid loss of population and housing units during the 1960's and 1970's and an increase in nonresidential land use. Redevelopment activities have focused on restoring the residential character of a .portion of Monroe Park, creating a light industrial park in the remainder of the. area and establishing traffic patterns and landscaping to separate the two types of development.. Since 1982 a total of six residential- structures were moved into the neighborhood to fill vacant lots, four new houses have been constructed and a number of houses have been renovated. In the industrial area thirteen new buildings were constructed at a cost of $8,480,000. These buildings contain approximately 290,000 s.f. and the businesses located there created 397 new jobs and 108 spin-off jobs in the area. East Bank Located across the St. Joseph River from the Central Business District, this area is being developed around parks and recreation opportunities, residential development, and. related retail and commercial enterprises. This area contains the East Race Waterway, an Olympic lass whitewater course for kayaks and canoes which opened in 1984. A significant portion of the City's lineal park system along the river is on the East Bank. Paved biking, running and walking paths with decorative hghting and landscaping have been developed throughout most of the East Bank area. Approximately 100,000 s.f. of office space has been developed in the East Bank since 1988. In addition, 202 units of market rate apartments were constructed in 1989 along the St. Joseph River on a key site in the East Bank. • 9