HomeMy WebLinkAbout02-10-97 Community & Economic Development 'V
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Community and Economic Development Committee
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The February 10, 1997 meeting of the Community and Economic Development Committee
was called to order by it's Chairperson,Councilmember John Broden at 4:30 P.M.
in the Council informal meeting room.
Persons in attendance included Council Members: Kelly, Aranowski, Pfeifer, Varner,
Udjak, Coleman, Hosinski, Sniadecki; Chief Gunn, Jon Hunt, Assistant Chief Kilgore,
Beth Leonard, Sue Hodgson, Don Fozo, John Stancati, Don Porter, and Kathleen
Cekanski-Farrand.
Councilmember Broden noted that the first item on the agenda was to review Bill No.7-97
which would appropriate $10,000.00 from the Economic Development State Grant Fund
for the purpose of assisting in the rehabilitation of the State Theatre in downtown South
Bend.
Beth Leonard made the presentation. She noted that the State funds are from the Indiana
Department of Commerce. In response to a question raised by Councilmember Coleman it
was noted that Center City Associates would make loan guarantees of approximately
$70,000.00 with Key Bank being involved in the overall package.
In response to a question raised by Councilmember Pfeifer,it was noted that in addition to
movies being shown at the facility that live entertainment will be featured which increases
the need to have the stage increased in,size. Fire escapes are also part of the overall
upgrade.
Following discussion, Sue Hodgson made a motion, seconded by Councilmember
Sniadecki,that Bill No. 7-97 be recommended favorably to Council. The motion passed.
The Committee then reviewed Bill No. 8-97 which would appropriate $40,000.00 within
the UDAG Fund for the purpose of funding predevelopment costs.
Beth Leonard made the presentation. She noted that predevelopment costs would include
such items as architectural, engineering and design fees, appraisals, title searches and
market study surveys. She noted that the amount of the appropriation will not meet the
needs for all of these types of activities.
In response to a question raised Councilmember Coleman,it was noted that the sources of
these funds are some from a Federal Grant, and some from lease payments made by First
Source of approximately $150,000.00 per year pursuant to a 99 year lease and lease
payments made by One Michiana Square over a 10 year period of approximately
$150,000.00 each.
Following discussion, Councilmember Coleman made a motion, seconded by Citizen
member Sue Hodgson, that Bill No. 8-97 be recommended favorably to Council. The
motion passed.
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Allied i
Under miscellaneous business, Councilmember Broden noted that A ed S g nal will soon
be filing a petition for personal property tax abatement consideration.
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Community and Economic Development Committee
February 10, 1997
Page 2
There being no further business to come before the committee,the meeting was adjourned
at 4:47 P.M.
Respectfully submitted,
Councilmember John Broden,
Chairperson
Community and Economic Development Committee
Attachments
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