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$154 million redevelopment project(the Colfax Corner project) led by Ancora and <br /> the University of Notre Dame. The developer will demolish the existing Main Street <br /> Row building and redevelop the former South Bend Tribune building into a 202,000 <br /> square foot innovation campus. <br /> The full development of the area with these improvements would not proceed as <br /> planned without the contribution of tax increment revenues to be derived from the <br /> allocation area to the project. The City would have no payment obligations with <br /> regard to the bonds other than a portion of the new tax increment revenues generated <br /> by the Colfax Corner project, and the developer guarantees debt service payments for <br /> the City-issued bonds. <br /> Should you approve this ordinance, we would anticipate closing on the bonds later <br /> this spring. <br /> Sincerely, <br /> Caleb Bauer <br /> Executive Director <br /> Department of Community Investment <br /> CC: South Bend Redevelopment Commission <br /> South Bend Plan Commission <br /> Colfax Corner ML, LLC <br /> Sandra Kennedy, Corporation Counsel <br />