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12/10/07 Council Meeting Minutes
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12/10/07 Council Meeting Minutes
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REGULAR MEETING <br />DECEMBER 10, 2007 <br />balances. The transfers are covered by moving dollars from one category to another <br />within the departmental budget. <br />This being the time heretofore set for Public Hearing on the above bill, proponents and <br />opponents were given an opportunity to be heard. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this bill, Councilmember Puzzello made a motion for favorable <br />recommendation to full Council concerning this bill as substituted. Councilmember <br />Dieter seconded the motion which carried by a voice vote of nine (9) ayes. <br />BILL NO. 81-07 <br />PUBLIC HEARING ON A BILL OF THE <br />COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA, APPROVING A LEASE FOR <br />CERTAIN PUBLIC IMPROVEMENTS <br />BETWEEN THE SOUTH BEND <br />REDEVELOPMENT AUTHORITY AND THE <br />SOUTH BEND REDEVELOPMENT <br />COMMISSION <br />Councilmember Dieter, Chairperson, Community & Economic Development Committee, <br />reported that this committee held a Public Hearing on this bill this afternoon to hear the <br />pros and cons and sends it to the full Council with a favorable recommendation. <br />Councilmember Rouse disclosed that he is a member of the Northwest Neighborhood <br />Revitalization Organization and after discussion with Council Attorney Kathleen <br />Cekanski-Farrand it was determined that no conflict exists. <br />Mayor Stephen Luecke, 14th Floor County-City Building, South Bend, Indiana, made the <br />presentation for this bill. <br />Mayor Luecke advised that this bill would allow for the approval of the lease for the <br />Eddy Street Commons and Triangle Projects in the Northeast neighborhood. Financing <br />for these projects is being done as a Lease Revenue Bond to be issued by the <br />Redevelopment Authority. Assets constructed with the bond proceeds, including a <br />parking garage, various street improvements, site improvements and utility work, will be <br />leased to the Redevelopment Commission. The lease includes provisions for lease <br />payments of $3,717,000 per year. The Eddy Street Commons and Triangle Projects will <br />generate $185,000,000 of private investment for a mixed use project containing retail, <br />office and residential development along with two hotels. <br />Mr. Don Inks, Director, Economic Development, 12th Floor County-City Building, South <br />Bend, Indiana, advised that there will be approximately 90,000 square feet of retail space <br />and an anticipated 20 stores and restaurants will be located on the ground floor along <br />Eddy Street. Mr. Inks noted that there will be a mix of tenants with sit down restaurants, <br />clothing, services, quick casual restaurants etc. He advised that there will be <br />approximately 75,000 square feet of office space located on floors 2, 3, and 4 of building <br />at the Southwest corner of Angela & Eddy. 268 apartments located on floors 2, 3, and 4 <br />and will offer fitness, theater room, and community room. There will be a 255 room full <br />service hotel with an 8,000 square foot ballroom plus an additiona14,000 square foot of <br />meeting room space. Condominiums will be located on the upper three floors. There <br />will be a 139 room limited service hotel. Mr. Inks noted that there will be five different <br />residential offerings within Eddy Street Commons, plus the redevelopment of the <br />Triangle to the south. Target buyers for Eddy Street Commons are a mix of young <br />professionals, alumni, and empty nesters. The project will have a strict Home Owners <br />Association guidelines and professional outside management to ensure a quality for years <br />to come. The South Bend Heritage Foundation is in the process of acquiring the lots that <br />make up the Triangle. Kite Development has been selected to act as the master developer <br />of the project. Kite will oversee installation of streets and infrastructure and then deliver <br />pad ready sites to local South Bend builders. 61 new single family homes are planned. <br />10 <br />
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