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REGULAR MEETING <br />JULY 28, 2003 <br />SECTION X. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. <br />s /Karen L. White <br />Member of the Common Council <br />Councilmember King, Chairperson, Community and Economic Development Committee, reported <br />that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full <br />Council with a favorable recommendation. <br />Mr. Steve Cooreman, Cooreman Real Estate Group, Inc., 24545 Brick Road, South Bend, Indiana, <br />made the presentation for this bill. <br />Mr. Cooreman advised that this tax abatement is for the Villas at Lake Blackthorn. The project will <br />consist of approximately one hundred fourteen (114 ) villas and feature a ten (10) acre lake in the <br />middle of the project. When the Villas at Lake Blackthorn are fully built out, they will generate <br />more than $30 million in new construction. Currently this parcel generates approximately eight <br />hundred dollars ($800.00) per year. When the project is completed and fully taxed it will generate <br />in excess of three hundred fifty thousand dollars ($350,000.00) in real estate taxes. He noted that <br />this is a good example of the public and private sectors working together to build a strong tax base <br />for the City of South Bend and that without this mechanism they would not be able to do the project. <br />A Public Hearing was held on the Resolution at this time. <br />There being no one present wishing to speak to the Council either in favor of or in opposition to this <br />Resolution, Councilmember Aranowski made a motion to adopt this Resolution. Councilmember <br />Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of eight <br />(8) ayes. <br />RESOLUTION NO. 3217 -03 A RESOLUTION OF THE CITY OF SOUTH BEND, <br />INDIANA, COMMON COUNCIL PROVIDING <br />PRELIMINARY APPROVAL OF THE ISSUANCE OF <br />BONDS FOR THE PURPOSE OF PROVIDING CERTAIN <br />ECONOMIC DEVELOPMENT FACILITIES (KITE <br />CAPITAL, LLC ERSKINE VILLAGE PROJECT) <br />WHEREAS, the City of South Bend, Indiana (the "City "), is authorized by I.C. 36 -7 -11.9 <br />and 12, as supplemented and amended (the "Act "), to issue revenue bonds for the financing of <br />economic development facilities, the funds for said financing to be used for the development, <br />construction, installation and equipping of said facilities; and <br />WHEREAS, the City, the South Bend Redevelopment Commission (the "Redevelopment <br />Commission ") and Kite Capital, LLC (the "Company "), have entered into a Development <br />Agreement (the "Agreement ") pursuant to which the Company has agreed to undertake the <br />demolition of the former Montgomery Ward store and automotive service center and the construction <br />of a discount department store consisting of approximately 123,680 square feet (the "Project "), which <br />D,.,.; —+ - a..,. —+:,l ...1.,.— , ral.,. ,.,....,.a...,,.a,..,. L_. -r.. ACA ANNA cnn AAA -- --- r— --1 <br />