2011 CAFR Executive Summary - Laserfiche WebLink

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Management Discussion & Analysis Current Economic Development Projects Executive management of the City of South Bend continues to pursue economic development and public works opportunities that will have long term favorable impact on the economic prospects for the community as a whole. These projects include: • Eddy Street Commons — continued expansion of the currently existing $220 million dollar mixed-use development completed for occupancy in 2009. The current configuration includes a 119-room hotel, 25 new City homes with 100% occupancy, more than 20 stores and restaurants, office space and 266 town homes, apartments and condominiums, which are 85% occupied. This is the region's largest single development in decades. Plans include further expansion of residential living space and the occupancy completion of commercial tenants. • Innovation Park & Ignition Park— Indiana's first dual-site, state-certified technology park, which is a collaborative effort between the City, the University of Notre Dame and Project Future. In the first year of operation, Innovation Park is home to in excess of 30 client ventures with occupied building space in excess of 60% of the building footprint. Concepts under development include, but are not limited to, solar-powered cases for electronic devices, improved wind turbine technology and diagnostic tools for detecting substances like ecoli bacteria. The first tenant in Ignition Park, the county public transportation authority, Transpo, dedicated its new facility in early 2010. Discussions are under way to secure the first private sector commercial / industrial tenant in Ignition Park, an information technology data storage company, with announcement in 2010 to construct a new facility. • Animal Care and Control Facility— a new $1.94 million dollar Animal Care and Control facility was under construction during 2011 (with completion scheduled for June, 2012) with funding provided by tax increment financing revenue. • Coveleski Stadium improvements — Construction was completed in 2011 of building enhancements to the City owner minor league baseball stadium including improved lighting, outfield walls and restrooms, a new artificial playing surface, new or upgraded fan amenities, and venue entrance tie-in to the central downtown footprint as phase one of an overall strategy to develop the stadium and surrounding area in order to attract more commercial development to the downtown. During 2011, a new owner purchased the team and a public/private partnership was forged to make additional improvements to the stadium. • Kroc Center—Completion of the $30 million dollar world-class youth and family center to on the corner of Western Avenue and Chapin Streets in South Bend occurred during 2011. The Center was funded by a grant from the Ray and Joan Kroc Foundation as well as other private donations. This is currently the only center of its kind in the State of Indiana. Groundbreaking occurred in May, 2010 and will result in the infusion of more than $50 million dollars in outside resources into the City. Construction was completed in 2011 with dedication and facility opening in January 2012. • Triangle Development — planned construction of 52 new single family residential properties in the Triangle area adjacent to the existing new Eddy Street Commons commercial development, creating a diverse new neighborhood in the City's northeast sector. A total of 45 lots have been sold to date. Seventy percent of the lots are being sold at market rate and thirty percent are reserved for income-eligible buyers. • St. Joseph's High School — Groundbreaking began in June, 2011 for a new $35 million downtown campus for the school, on the site of the former St. Joseph Regional Medical Center, which relocated from the site in 2009. The school will relocate from a site 35