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South Bendel Redevelopment Commission <br />Reschedule4 Regular Meeting - April 13, 1989 <br />6. NEW "INESS (Cont.) <br />ildings are vacant and they are vacant <br />;cruse nobody can afford to <br />:iabilitate those buildings. We are <br />a, right now, wrestling with same of <br />a buildings on the East Race, where, <br />mainly, the rent per square foot is <br />ing to be triple what it will be down <br />West Washington Street. And right <br />a the Redevelopment Commission is <br />astling with the notion that buildings <br />have to be taken over by other <br />,relopers, or even potentially <br />polished. So I would like to dispel <br />a myth that we are simply tearing down <br />ildings because of the crime factor. <br />'re tearing them down because the <br />ighborhood is severely dilapidated. <br />does not present an image that will <br />tract other developers to our <br />ighborhood and when we run numbers, <br />:)ple will need to spend about $15 a <br />care foot in rent and that is equal to <br />it people pay to be in 1st Source Bank <br />i One Michiana Square. And I don't <br />ink that's going to happen. <br />Nimtz : I'm going to interrupt this F. JAY N=Z <br />meeting right now so that we're all <br />clear what the redevelopment process is, <br />I' m. going to ask Ann Kolata, our <br />Director, what the procedure is so that <br />'re all clear as to what happens after <br />'s evening. <br />Kolata: There've been a number of ANN KOLATA <br />Lents here today, both from people <br />sorting the Plan, saying please adopt <br />and froan people opposing the Plan, <br />ng please don't adopt it. And I <br />ik it would be fair to talk about <br />:, and also to talk about what <br />yens to the businesses that are out <br />e, if their building is acquired, <br />what the redevelopment process <br />elves. As was stated earlier, the <br />Washington- Chapin neighborhood <br />p came to the Redevelopment <br />-43- <br />