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South Bend Redevelopment Commission <br />Regular Meeting — Thursday, December 12, 2013 <br />6. NEW BUSINESS (CONT.) <br />E. Northeast Neighborhood Development Area <br />(1) continued... <br />Mr. Relos noted that the Eddy Street Commons project has had dramatic cumulative <br />impacts. From 2010 — 2013, they are estimated to be: <br />• Direct construction impact (ongoing): 2,600 workers on site since 2009, creating <br />$43.5 million in household earnings and an output (economic activity generated) <br />of $149.4 million <br />• Indirect construction impact (snowball effect): 606 jobs with household <br />earnings of $56 million and output of $187.6 million <br />• Fiscal impact (taxes including state sales, state and county income, innkeepers, <br />and property) of $17.6 million. <br />• Direct economic impact: 140 new jobs with household earnings of $9.7 million <br />and output of $36.2 million <br />• Indirect economic impact: 149 new jobs with household earnings of $13.7 <br />million and output of $121.5 million <br />This Amendment will facilitate ongoing Eddy Street development and its next construction <br />phases, in turn continuing and increasing the impacts mentioned above. <br />A summary of the Amendment is: <br />• Current limited service hotel room count revised from 139 to 119 <br />• Remove condos above the full service hotel; room count of the full service hotel <br />revised from 255 to 160 <br />• Exhibit G construction completion dates updated to actual and expected <br />• Adjusted various goals for assessed values and private investment as shown on <br />Exhibit L <br />• Clarifies how the delay fee associated with Exhibit M is filed and potentially <br />utilized <br />• Right of Way value set and its payment outlined <br />• Remaining public infrastructure completion defined (certain items delayed for <br />construction completion; Kite will complete when construction ends) <br />Staff requests approval of this Amendment, which clarifies roles and responsibilities, adjusts <br />schedules and exhibits to reflect current conditions, and builds upon the impact this project <br />has had on our entire community. <br />Mr. Varner asked if this obligates the Redevelopment Commission to any additional <br />expenditure other than finishing what we've started. Mr. Relos responded that it does not. <br />Mr. Varner asked if the hotel with the condominiums was supposed to be eleven stories. Mr. <br />Matt Gabet responded that it's currently proposed to be around six stories. It used to be a <br />13 <br />