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South Bend Redevelopment Commission <br />Regular Meeting -January 20, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Receipt of Bids <br />() continued... <br />the requirements of I.C. 36.7.14-22, the <br />Commission may enter into private <br />negotiations to dispose of the property after <br />the Commission has opened and considered <br />the bids submitted in response to the <br />Commission's offering. However, the <br />Commission is prohibited from disposing of <br />the property at a price less than the <br />Commission's offering price for a period of <br />thirty days after the opening of bids. <br />Both bidders had representatives present who <br />wished to make a presentation on their <br />proposals. <br />Mr. John Phair, Holladay Properties, made a <br />presentation on the Ralph Jones Drive <br />Partners' proposal. Mr. Phair noted that his <br />company has been involved in development <br />in South Bend for approximately thirty years <br />and he believes that this proposal is the most <br />significant it has made thus far. He hopes it <br />will be the kick-start for what was begun on <br />the East Race in the 1980s. The working <br />name of project is "East Gateway". <br />Ralph Jones Drive Partnership intends to <br />build a combination hoteUcondo project <br />having approximately 100 units. It also <br />proposes constructing a 75,000 sft corporate <br />office building (no tenant yet). Since parking <br />is already a problem on the East Bank and <br />any new development would increase that <br />problem, Mr. Phair indicated the developer <br />would require the City to build a new parking <br />facility at the site of the current parking <br />5 <br />