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URBAN REVITALIZATION Another economic benefit of redeveloping the fornler Studebaker corridor into a thriving economic region relates to urban revitalization. Note that "Recently, a number of universities located in urban settings have begun to apply the research park concept not only to provide needed R&D space for academics and their industry collaborators, but also to stimulate the redevelopment of neighborhoods" (Batten, Page 50). Efforts to develop Ignition Park will inherently lend themselves to redeveloping the neighborhoods around this area within the city of South Bcnd. TAX REVENUE Through a growing number of jobs and a boost in local economic activity, the City of South Bend would experience a direct increase in tax revenue. Aside from a larger income tax base in the short-term, there would also be an increased amount of tax revenue generated from property taxes in the long-tern. It is worth noting that: Employment in university research parks has regional economic benefits that extend far beyond a particular job or one's individual salary. These core research and technology- based industries have interdependent relationships with suppliers of other goods and services. Companies in research parks both depend upon and support others locally as well as nationally for various services (e.g., legal, marketing, waste disposal, transportation). As a result, the research park sector as a whole has an impact greater than the number of its total jobs might suggest. To measure the true, extended reach or impact or jobs within university research parks, a set of state- and industry-specific multipliers must be used. Multipliers quantify the ripple effect discussed here where one industry or group of industries supports or creates additional economic entities including jobs, taxes, and public revenues, and spending from the salaries of industry workers (Batten, Page 29). In all, it is apparent that there are a large number of potential economic benefits that extend from the development of Ignition Park. Through increased employment opportunities, urban revitalization, and an expanded tax base, the City of South Bend will benefit from a more robust local economy. Moreover, the City will be able to begin efforts to redefine its identity throughout the region as a truly 21'` century economy. Cor Jidentinl - lgrritiott Pnrk: Fensibilih• Snrdr and Strategic Plara Proposal- Grohnm Allen Purhrerc Februm~~ 10l l 3