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 (3) continued... • Bend market area); and • How many newly- created dwelling units can be leased or sold within the Downtown over the next five years (absorption forecasts). Staff requests approval of the proposal in the amount of $38,000 from the SBCDA TIF. Mr. Downes asked if there had ever been a downtown residential study done for the City of South Bend, and if so, how long ago. Mr. Kain responded that he didn't believe we've ever done a market analysis for downtown. Through Buxton, we've studied the retail potential for downtown. We asked Buxton if they could expand their study and add residential, but they cannot. Mr. Inks responded that the last study that was done near the downtown area was for the West Washington area approximately 10 -15 years ago. There is nothing current. Mr. Varner and Mr. Davis asked if there was any possibility that some of the local developers would be willing to participate in the cost of this study. They would benefit from it. A study like this will be out of date quickly. It would be nice if there were some other support. Mr. Kain responded that the study looks at a five -year forecast. If economic conditions change in the next few years, the study will have to be updated. As we talked to the developers, they have asked the City of South Bend to pay for this. It is the city that wants to encourage more residential development in the downtown. The study will become a catalyst for development interest downtown. Mr. Davis asked what the boundaries would be for this study. Mr. Kain responded that there are typically two boundaries for downtown. The downtown that is being referenced in the proposal is the CBD District, which is the zoning district and also mirrors the South Bend Central Development Area. Mr. Davis also said that the trend of people moving back into the inner city is a well - established trend. He fears South Bend is on the late end of the trend and housing that is built here will soon be abandoned. Mr. Kain responded that the study will consider the national trend. He believes the things Mr. Davis is concerned about will be clarified by the study. Mr. Alford noted that the study will be completed over a four month period. He asked how they will be paid. Mr. Kain responded that they will be paid based on deliverables. When Zimmerman/Volk Associates, Inc. completes a task they will be paid. Mr. Alford asked whether the final payment will be made after their presentation. Mr. Kain responded that it will. on