VALPARAISO | In announcing what might be his final term as mayor, Jon Costas made it clear he will not be resting on his laurels if re-elected in November.

"It's really a completion and an enhancement of what we started during the past three years," Costas said after telling about 100 friends, family and supporters of his intention to run again Wednesday at the Memorial Opera House. "We have a lot of huge, multiyear projects to follow through on."

Costas said he expects $30 million to $50 million in private investment to occur in the Eastgate commercial corridor on Lincolnway and $15 million to $20 million around the former County Seat Plaza in the next few years as a result of steps the city has taken to encourage development in those formerly blighted areas.

In his speech, he cited the need to transform the city's east entrance into a gateway to the downtown, construct a business incubator specializing in in vitro diagnostic technologies and processing labs, develop a certified technology park, continue the investment in the infrastructure and "make sure the proposed South Shore commuter train arrives on time."

"We must preserve our quality of life while building a dynamic city that our children and grandchildren will be proud to call home," he said.

If elected to a second term, Costas said he hopes to accomplish goals from the strategic plan he wasn't able to get to during the first term, such as taking the visual Valparaiso concept to the next level, creating the volunteer bureau and the neighborhood advocate program, which he expects to announce soon.

"We also have not solved the sidewalk problem, and that will be one of the bigger issues we will have to deal with," he said. "We need to find a way to fix the ones we have and add to them. We also want to continue the pathways program and the rebuilding of Silhavy from U.S. 30 to County Road 400 North. That's almost a frontage road for us, and it will be busier with the opening of the (Porter's Vale) shopping center."

The strategic plan will be updated and "part of that will be looking way ahead and creating a vision for what the city ought to be like 20 years from now."

"Make no mistake about it, we have gotten serious about investing in our city. You can only ignore problems for so long. Today, Valparaiso is more efficient, more attractive, larger, cleaner, healthier, more proud and a better city than it was four years ago."

While not completely writing off the possibility of seeking a third term if re-elected, Costas said, "My resolve not to overstay my welcome is there. Barring extraordinary circumstances, I plan to serve two terms then allow the city's other able leaders to step in."

His announcement included brief endorsement speeches by David Misch, business agent for Plumbers Local 210 speaking on behalf of the building trades, and former Judge William Conover. Conover praised the accomplishments of the first term, which he said were achieved without a major tax increase.

"The city can only benefit from another four years of his energetic, capable leadership," Conover said.