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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Office of the Mayor <br /> <br />NEWS RELEASE <br />August 30, 2010 <br />3:30 p.m. <br /> <br />City to build on positive economic growth initiatives <br /> <br />Contact: <br />Mikki Dobski, Director of Communications & Special Projects, 235-5855 or 876-1564, Gregg <br />Zientara, City Controller, 235-9216, or Jeff Gibney, Executive Director of Community and Economic <br /> <br />Development, 235-9371 <br /> <br />For the second year in a row, not a penny of the City’s property-tax-supported General Fund, <br />which pays for most governmental operating expenses, funds South Bend’s economic- <br />development efforts. <br /> <br />Instead of relying on property taxes, local Economic Development Income Taxes (EDIT) fund <br />day-to-day operations while the continuing growth of South Bend commerce and industry <br />realized through Tax Increment Financing revenue (TIF) is fueling tens of millions of dollars of <br />new investment in economic growth. <br /> <br />These financial changes are less visible than the dramatic changes at Eddy Street Commons – <br />one of the projects supported by the department. Residents also might have missed Community <br />and Economic Development’s other 2010 investments, which are stimulating growth in the <br />community. <br /> <br />Targeted City incentives from the department led to the creation of 55 new jobs so far in 2010 <br />and the retention of another 823 in the community. With most occurring through the expansion <br />of existing businesses, supported by nine tax phase-ins or three loans through the Industrial <br />Revolving Loan Fund, few of the projects made headlines. <br /> <br />Yet, in 2010, all sectors of the community have been touched by activity supported by the <br />Department of Community and Economic Development: <br /> <br />?South – The success of the Erskine Commons shopping center means that the bonds, which <br />funded new infrastructure, will be paid off 15 years ahead of schedule. Habitat for Humanity <br />is preparing to open a larger Re-Store at Main Street and Ewing Avenue. The relocation <br />enabled Ivy Tech Community College to respond to burgeoning student enrollment by <br />expanding its campus along Sample Street. <br /> <br />?Southwest – At the development site of Ignition Park in the former Studebaker Corridor, <br />