No. 2383 contracting the boundaries of the West Washington-Chapin Development Area

Home Browse Search

revenue can be used to finance additional improvement projects in the neighborhood. Preliminary estimates of the cost of property acquisition, demolition and site improvements for the Washington Street area range from $385,000 to $675,000. Funds to be available as part of the Section 108 loan may be available for use in initiating the Chapin Street project. Completion of the Chapin Street revitalization project should follow Washington Street as a target area for priority action. Although funding for Chapin Street may be provided as part of tax increment financing, consideration should be given to the feasibility of financing improvement projects from future bond issue proceeds. Development Plan Project Financing Implementation of neighborhood development projects will require a concentrated, cooperative effort by the public and private sectors of the community. It will require a programmed infusion of public and private capital. Either sector working alone cannot bring about the overall revitalization called for in the plan. Public and private interests must perform their separate roles in a cooperative and mutually supportive way. Economic Development Many elements of the development plan, including residential and commercial development, must be carried out by private investors. While the timing and sequence of these projects will be determined largely by the financial position of individual private investors, and by the local and national economy, South Bend can undertake certain actions to stimulate and direct investment. Public funds could finance those projects which the private sector does not or cannot address by itself. Public projects could be undertaken that would improve the overall downtown environment and indirectly promote new private investment. In certain cases, public land could be offered at attractive prices to encourage desired types of new activity. At present, there are a number of public programs available to communities in the State of Indiana that address economic development. Funding sources include the federal and state governments, and the programs may be administered at the federal, state or local level, depending on the specific program. There are four major categories of economic development programs: 1) financial incentives, which help businesses lower their operating costs; 2) technical assistance, directed toward businesses and local governments 3) tax incentives, also intended to lower the costs of doing business; and 4) promotion/coordination activities. Within the category of financial assistance, there are very few programs available to local governments that can be used for land acquisition or public improvements in conjunction with economic development, i.e., job creation. Although these programs can contribute to a community development strategy, they are limited by their specific scope, by the amount of funds available to a community during a specific time period, and by the timing of their availability (annual application submission, etc.). With the current menu of development assistance programs, very few offer local governments the flexibility to address their unique community development problems with regard to dollars and activities. To the extent that programs and resources are available, the City, WWCRP, and the SBHF should cooperate in establishing and marketing a "package" of technical and financial assistance programs 31