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REGULAR MEETING DECEMBER 10, 2007 <br />cost of 4 millions dollars. The University is now working on a town commons a walking <br />entry way just south of the DeBartolo Performing Arts Center across Edison Rd. directly <br />across from the Eddy Street Commons. This will cost the University approximately 3 <br />million dollars. In addition to the University contributions, Kite Realty Group will be <br />investing $170 million dollars in the neighborhood as well. Like a three legged stool, <br />each of these three institutions, the City of South Bend, the University and the developer <br />are making vital contributions in the revitalization of the neighborhood. The Eddy Street <br />Commons and the revitalization of the Triangle Area will be the start on a new lease on <br />life for the neighborhood which is sorely needs. The University of Notre Dame seeks the <br />Council support in this endeavor by giving the TIF financing program full support. <br />Ms. Marguerite Taylor, 714 E. Corby, South Bend, Indiana, brought greetings from the <br />Northeast Neighborhood Council, the oldest neighborhood council in the City of South <br />Bend. Ms. Taylor stated that this project is vital to the neighborhood. She urged the <br />Council's favorable consideration. <br />Mr. Donald Sniegowski, 917 N. St. Peter, South Bend, Indiana, urged the Council to <br />approve this bill. <br />Ms. Molly Wheelen, 925 N. Notre Dame Avenue, South Bend, Indiana, stated that she is <br />here tonight on behalf of Jack Roberts, President of the NNRO and as a resident member <br />of the Northeast Neighborhood Revitalization Organization Board. She stated that she <br />would like to communicate again the NNRO's support of this project. She stated as a <br />resident that she would like to express her continued gratitude for all the consideration <br />and time that has gone into this project and to make it work. The neighborhood is excited <br />to see it going forward and thanked the Council, the City and the developer Kite Realty. <br />A lot of hours have been spent on this project especially on the Triangle Project. She <br />reiterated that this project is vital on getting the TIF dollars to make the Eddy Street <br />Commons Project a reality. <br />There was no one else present wishing to speak in favor of this bill. <br />The following individual spoke in opposition to this bill: <br />Mr. John Voll, 1410 Wayne Street, South Bend, Indiana, stated that he is not necessarily <br />against the project but he has a concern with the sub prime market conditions and the <br />commercial space that is available in South Bend. He questioned if there were any <br />commitments in place for the retail space. He also questioned whether any of the <br />condominiums have been pre-sold and if they can meet the current market conditions. <br />There was no one else present wishing to speak in opposition to this bill. <br />In Rebuttal, <br />Ms. Ashley Ottesen, Kite Realty, stated that at this time they cannot respond to specific <br />names of retail tenants coming to the center. She stated that they have been working in <br />house and have had significant interest from retailers throughout the country that are <br />interested in the project. Ms. Ottesen stated that they felt quite confident that when the <br />center is built they will have several interested retail tenants. <br />Mr. David Compton, Kite Realty, stated that they have had substantial interest in the <br />condominiums and currently have a waiting list of approximately 300+ people. He stated <br />that the next step is to roll out a campaign locally. He stated that he has met personally <br />with some local realtors the past two weeks and there were over 50 realtors in the room <br />interested in the development. Mr. Compton stated that he has been working with Mr. <br />Greg Hakanen from the University of Notre Dame on a campaign to start reaching out to <br />Memorial Hospital and other South Bend residents. He stated that they have just been <br />waiting on that particular part of the campaign until the TIF financing is finalized to take <br />the this next step. He stated that Spring 2008 there would be a formal rollout, but so far <br />they have been very pleased with the interest list that has come forth on the residential. <br />He noted that not everyone was buying but it is always good to have a strong interest list <br />13 <br />