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South Bend Redevelopment Commission <br />Regular Meeting –February 19, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. South Bend Central Development Area <br /> <br />(3) continued… <br /> <br />The developer is offering $10,000 for the <br />parcel and will not apply for tax abatement <br />for the project. Though the selling price is <br />less than that offered in previous proposals, <br />earlier proposals relied on the Commission to <br />put at least as much as the selling price back <br />into the development. This proposal asks <br />only for modest Commission participation: <br />cleaning up the west bank of the river and <br />possible participation in the cost of a <br />retaining wall along the west and south edges <br />of the development. <br /> <br />The Contract for Sale of Land is being <br />drafted with development specifications, use <br />restrictions and a completion date of 36 <br />months. <br /> <br />Mr. Matthews noted that his interest in doing <br />this development stems from his recognition <br />of two driving forces: a growing demand <br />among the young for living downtown and a <br />need among older residents who can no <br />longer drive to live close to the amenities <br />they need. <br /> <br />Some Granger residents have toured Mr. <br />Matthews’ Ivy Quad condos across from the <br />Notre Dame campus, but found them too <br />pricey. They were impressed with the <br />quality. Mr. Matthews believes he can build <br />units they like for a more affordable price on <br />the East Bank site. Those interested parties <br />liked the East Bank site. Two families have <br />verbally committed to purchasing units from <br />him there. He will construct those two <br /> 9 <br /> <br />