12/10/07 Council Meeting Minutes

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