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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />continue ... <br />publication dates of April 13 and April 20, <br />2007 and receipt of bids at 10:00 a.m., <br />May 4, 2007. <br />Mr. Inks asked to consider item 6.B(5) at this time. <br />There was no objection and the item was moved up <br />on the agenda. <br />(5) Commission approval requested for <br />Memorandum of Understanding by and <br />between the South Bend Redevelopment <br />Commission and Key Bank Renovation <br />Project. <br />Ms. Laurent noted that the Memorandum of <br />Understanding outlines certain aspects of a <br />potential development partnership between <br />the Hinman Company, the owner of the <br />KeyBank Tower and the Redevelopment <br />Commission. <br />The Hinman Company of Kalamazoo, <br />Michigan, purchased the Key office building <br />in downtown South Bend in 1999. Hinman <br />recognized the need to ultimately reinvest in <br />both the interior and exterior of the building <br />in order to return it to a true Class A standard <br />and increase occupancy prospects. <br />Over several years an auspicious plan has <br />been developed that will allow the building <br />to build upon its status as an anchor <br />commercial office building and landmark of <br />our skyline. A total of $6,175,000 in new <br />private investment is projected to bring about <br />these renovations, representing the developer <br />16 <br />