3 Minutes 02/14/13 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting — February 14, 2013 6. NEW BUSINESS A. South Bend Central Development Area (2) continued... Mr. Varner asked if this proposal adds any new furniture or repairs or replaces the existing. Mr. Relos responded that it's just for repair and replace. Mr. Downes noted that the staff memo referenced establishment of a fixed annual lifecycle renewal fund for repair and replacement of the furniture. Then, instead of having to approach the Redevelopment Commission from time to time to ask separately for funds, the Commission could approve it once a year during the budget process. Mr. Inks agreed that DTSB will review the furniture on an annual basis and identify what will need to be repaird and replaced. Upon a motion by Mr. Downs, seconded by Mr. Alford, and unanimously carried, the Commission approved the proposal for furniture repair or placement in the downtown DTSB area as listed. (3) Proposal of Residential Market Potential for downtown South Bend. Mr. Kam noted that staff solicited a proposal from Zimmerman/-Volk Associates, Inc. for conducting a study of residential market potential in downtown South Bend. Zimmerman/Volk Associates, Inc. is a nationally known expert, specializing in the analysis of compact and sustainable development; mixed - income, mixed - tenure redevelopment; mixed -use urban revitalization; traditional neighborhood developments; and integrated -use master - planned communities. Over the last two years, downtown South Bend has seen some exciting new residential development with potential for additional development in coming years. As the city continues its efforts to encourage more residential development in downtown, many in the development community have asked for a market analysis of the demand and capacity for downtown residential. The scope of services for this analysis includes determining: • Where the potential renters and buyers of newly- created housing units in Downtown South Bend are likely to move from (the draw areas); • Who currently lives in the draw areas and what they are like (the target markets); • How many are likely to move to the Downtown if appropriate housing units were to be made available (depth and breadth of the market); • What their housing preferences are in aggregate (rental or ownership, multi - family or single - family); • What are they currently willing to pay to rent or purchase newly- created dwelling units within the Downtown; • What their alternatives are (new construction or existing housing stock in the South