02-10-97 Community & Economic Development

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'V Comsat** *:port: Community and Economic Development Committee So the Common Coutuf4 of the tttj of ibOutt Barb: 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. • 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.