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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -March 10, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />() continued... <br />is an investment in the future. There are <br />c it ie s that have invested in bringing <br />residential downtown. That has been the <br />secret across the country to downtown <br />revitalization. People follow people. <br />Where cities have been able to create a <br />critical mass of residents, that catalyzes <br />things. If we were making this proposal <br />in Chicago, we wouldn't be asking for free <br />land. VUe'd be bidding three times the <br />asking price and we'd be able to sell the <br />units for $700,000. They have the critical <br />residential mass already. <br />Mr. Keen indicated they had just <br />convened a focus group of young <br />professionals who were excited about this <br />kind of vision. They have come from <br />urban areas where they've earned their <br />degrees and they want to live in an urban <br />area, but there isn't anything like that here. <br />VUe think the city and Eco-Urban will <br />benefit from rising real estate rates. <br />Mr. Bergeman responded to Mr. King's <br />question regarding Eco-Urban's interest in <br />developing the property as residential. <br />VUe simply take the 7-8 residential row <br />houses we're proposing and assume a tax <br />rate of $6,000. Your payback on the <br />property is seven years. That doesn't even <br />include the buying potential of the <br />owners, probably averaging a billion and a <br />half net worth. So you start thinking <br />about the type of people you are bringing <br />downtown. We look at this as truly an <br />investment in South Bend. Also, when <br />11 <br />