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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 DECEMBER 10, 2007 <br />essentially allow the funds to flow to the Redevelopment Commission, so that to the <br />degree that the City itself advances funds, essentially all they would really need to have is <br />that agreement between the Redevelopment Commission and the City through the Board <br />of Works identifying and creating a record that there is an expectation of those funds <br />coming back to the City through the Redevelopment Commission Fund. <br />Mr. Don Inks stated that the 4.1 million dollars of revenue takes care of the debt service <br />on the bonds and the payments on the City loans to the project and after those two are <br />taken care of there is an annual $477,000.00 extra. In terms of the infrastructure for this <br />project everything in Phase I and the Triangle area will essentially be new infrastructure <br />that should be lasting the 25 year time period. <br />Mayor Luecke stated that TIF revenue from the Triangle is not included in that 4.1 <br />million either, so there will be additional dollars generated there and as development is <br />looked at further south which is anticipated as this is built out, there will then be <br />additional TIF as well, so if there is additional investment that needs to be made at that <br />point, there will be additional TIF revenue to support that. <br />Councilmember Kirsits asked if Mr. Compton if Kite Realty has taken a lot of heat by <br />agreeing to put in the fire sprinklers? <br />Mr. Compton stated that he has gotten a few e-mails. <br />Councilmember Kirsits thanked Kite for agreeing to put in the fire sprinklers. He noted <br />that they do save lives and with a project of this magnitude, it really is a good thing. <br />The following individuals spoke in favor of this bill: <br />Mr. Jim Lyphout, Vice President, Business Operations, University of Notre Dame,415 <br />Main Building, Notre Dame, Indiana, stated that he is here tonight to offer support from <br />the University for the TIF financing program proposed for the Northeast Neighborhood. <br />He noted that is has been almost thirty (30) years since the Northeast Neighborhood <br />Council began to restore the vibrancy that this area once possessed. This request for TIF <br />financing to allow the development of the Eddy Street Commons and Redevelopment of <br />the Triangle Residential Area is a culmination of the Northeast Neighborhood Council's <br />efforts and those of it many allies. Notre Dame has not always been as engaged in the <br />affairs of the City of South Bend as it is now, and in this particular effort. He noted that <br />as both have grown it has been noted that they have become intertwined. Father Monk <br />Malloy has encouraged through faith that Notre Dame become a good neighbor and <br />partner. This is currently enforced and continues under the guidance of Father John <br />Jenkins, the current President. He stated that if South Bend does not thrive, then Notre <br />Dame cannot achieve it's aspirations. With this in mind, it is that Notre Dame has joined <br />South Bend and other institutions to create the Northeast Neighborhood Revitalization <br />Organization. The University has contributed over 1 million to its operation to date, <br />since 2000, the NNRO has worked hand in hand with the Northeast Neighborhood <br />Council, on a plan to revitalize this area. The TIF proposal before the Council tonight is <br />essential to bring forth these effort to fruition. TIF will finance two elements vital to <br />success of the neighborhood, infrastructure for the parking garage and streets and the <br />infrastructure for the renovation of the triangle. The infrastructure for the triangle will <br />replace a blighted area with new single family housing of which thirty (30%) percent <br />which will be reserved for low to moderate income families and sold under affordable <br />housing programs. Notre supports these efforts because of the vital role that the <br />Northeast Neighborhood plays in the life of the University. They want to see this area <br />redeveloped and revitalized. They want to see a vibrant commercial and residential life <br />for this area. They need this project to succeed because it is crucial to the University and <br />Community. TIF will pay for future infrastructure installed today with future tax <br />increments that would not exist without this project. They feel that this is an appropriate <br />contribution from the City which will enhance the contributions already made by the <br />University. Contributions to the City include voluntarily annexing into the City and <br />putting on the tax rolls land that had been previously part of the campus. This was in <br />anticipation of the Eddy Street Commons. They have straightened Angela & Edison at a <br />12 <br />
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