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Office of the Mayor <br />NEWS RELEASE <br />March 6, 2008 <br />5:30pm <br />With bond sale, Eddy Street Commons moves forward <br />Contact: Mikki Dobski, Director of Communications & Special Projects, 235-5855 or 876-1564 <br />or Don Inks, Director of Economic Development, 235-9371 <br />Even at a tenuous time nationally for the bond market, a $36-million bond to finance the <br />Eddy Street Commons project sold successfully Wednesday, the City's last major hurdle <br />before the start of a $200-million development that will transform South Bend. <br />Crowe Chizek and City Securities, representing the City of South Bend, reported that the <br />city will have the full $35 million available for the project after the bond issuance costs, <br />according to Don Inks, director of economic development. <br />The 25-year bond will cover the cost of constructing a 1,280-car parking garage, <br />development of on-site infrastructure as well as improvements along Eddy Street and the <br />extension of three city streets. <br />"The quick sale of these bonds highlights both the strength of this project and the City of <br />South Bend's fiscal stability," said Mayor Stephen J. Luecke. "Eddy Street Commons, <br />one of the region's largest single developments in decades, now can move forward on a <br />sound footing." <br />Indianapolis-based Kite Realty Group, which is developing the project on property <br />owned by the University of Notre Dame, is preparing to begin construction as soon as it <br />officially acquires the property. Because the parking garage is surrounded on all sides by <br />other structures, construction will begin first on that facility along with the utility <br />infrastructure and an extension of Napoleon Street by the City of South Bend. <br />The $200 million mixed-use development also includes: <br />~ Two hotels - anine-story, 255-room full-service hotel (with three floors of <br />condominiums) and asix-story, 139-room limited-service hotel. <br />