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South Bend Redevelopment Commission <br />Regular Meeting —April 4, 2003 <br />%0� <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />(3 & 4) continued... <br />and a loading dock. Mr. Browning noted that <br />the site is restricted by its size and limited <br />nearby parking. The limited space for <br />parking has been an issue they have <br />struggled with greatly. They believe a <br />building of this magnitude has to be able to <br />serve both customer and employee parking. <br />They wanted to construct a building of <br />prominence and believe they have offered <br />that with this proposal. <br />Mr. Browning noted that the site will need to <br />be excavated to be able to handle the <br />ILfoundations for this size structure. <br />Mr. Browning also noted that they have a <br />major tenant for the building and five other <br />prospects who have expressed interest for a <br />total of about 75% of the building. Two <br />banks are interested in doing the financing, <br />so they don't expect a problem with <br />financing. <br />Ms. Jones asked what the total parking <br />capacity would be on site, including the <br />underground parking. Mr. Browning <br />responded that there would be 32 spaces <br />under ground, 9 above ground, and the <br />parking garage at Main and Wayne Streets <br />which they hope to acquire. <br />Mr. Mathia asked why it is necessary to <br />excavate so deeply. Mr. Browning <br />responded that the soils report he's seen <br />i+' 12 <br />