2005 Section 108 Project Summary - Indiana

Economic Development

Studebaker/Oliver Redevelopment Project
BORROWER: SOUTH BEND
STATE: IN
SECTION 108 LOAN GUARANTEE AMOUNT: $11,980,000

South Bend will use the Section 108 Guaranteed Loan in partnership with South Bend Redevelopment Commission (SBRC) to complete an 82-acre, former Studebaker/Oliver industrial site for redevelopment into over 1,000,000 square feet of commercial, warehouse, and industrial space. The site is located in an impoverished area of the City.

To date, the SBRC has utilized $3,405,000 from a previous Section 108 Guaranteed Loan toward acquisition and demolition of the Site's first 35 acres, which comprised 913,000 square feet of obsolete building space. The SBRC will utilize the current Section 108 Guaranteed Loan to acquire the Site's remaining 47 acres and provide relocation assistance to the Site's remaining businesses, which will move to prepared parcels within the Site. The SBRC will then demolish the Studebaker plant's obsolete structures, comprising over 1,100,000 square feet in total building space. Once demolition is completed, the SBRC will prepare the 47 acres through construction of streets and other public infrastructure and dispose of parcels within the Site to private users. The City expects to complete these.

The City expects this Project to cause the creation of a minimum of 100 permanent jobs in the short term and upon Project completion to cause the creation of approximately 2,500 new jobs of which at least 51% will be available to or held by low and moderate-income persons.