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South Bend Redevelopment Commission <br />Regular Meeting — December 16, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(3) Staff report on disposition of property in <br />the South Bend Central Development <br />Area. (Air Rights, Northwest corner St. <br />Joseph & Jefferson Streets) <br />Ms. Laurent gave the staff report on the <br />project, noting that staff recommends <br />accepting the proposal from Gameday <br />Centers for development of the air rights over <br />the proposed parking structure at St. Joseph <br />and Jefferson Streets. The offering price set <br />by the Commission was $162,500. Gameday <br />Centers will pay $165,000 for the right to <br />develop a signature Notre - Dame - themed, <br />125 -150 unit condominium/hotel project atop <br />the parking garage. A performance guaranty <br />and all required documentation accompanied <br />the proposal. Some additional review of <br />financials and references is still appropriate. <br />However, at this time there is evidence <br />enough supporting the developer's capacity <br />to complete the project to warrant approval. <br />This is a project that staff believes will <br />propel vitality and economic life in the <br />downtown, build synergies with the College <br />Football Hall of Fame, Century Center and <br />the University of Notre Dame, and <br />accomplish the City's goals of providing <br />public parking and retail /entertainment <br />options while contributing a uniquely <br />designed structure to the built environment of <br />the downtown core. <br />Staff will work with the developer to finalize <br />a timetable for the project and negotiate <br />terms of a development agreement. Any <br />contract will necessarily be contingent on the <br />14 <br />