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South Bend Redevelopment Commission <br />Regular Meeting -February 16, 2007 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />continue ... <br />Ms. Laurent noted that in December 2006 the <br />Redevelopment Commission approved a <br />formal proposal from Michael Wargo and <br />Brad Toothaker, the principals of Michigan <br />Street LLC which outlined a development <br />partnership with the Commission for <br />rehabilitation of the 101 North Michigan <br />building, the former American Bank <br />building, and an expansion upon property <br />currently owned by the Commission, the <br />former Senor Kelly parking lot. <br />Michigan Street LLC purchased the bank <br />building in 2006 with the intention of fully <br />restoring it as a cornerstone piece of a larger <br />mixed-use residential and commercial <br />condominium development. In December <br />the Commission confirmed its willingness to <br />consider participating in this development as <br />a partner with the developer's submission of <br />a final development plan and with the <br />appropriate private investment demonstrated. <br />This morning staff is presenting a form of <br />Contract for Sale of Land for the <br />Commission-owned Senor Kelly lot and the <br />associated Facade Conservation Agreement <br />which allows the Commission to acquire a <br />real property interest in the exterior facade of <br />the existing historic building in exchange. <br />The terms of the contract allow for atwo- <br />phased approach to the construction, the first <br />of which is substantially underway. There is <br />also before the Commission today a <br />resolution authorizing the Board of Public <br />12 <br />