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South Bend Redevelopment Commission <br />Regular Meeting -April 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />() continued... <br />were received. The thirty day time period <br />required by statute has expired. Today <br />before you is the negotiated development <br />agreement and Contract for Sale of Land. Its <br />terms reflect Gameday's commitment to <br />build 150 luxury, sports themed <br />condominiums which may also function as <br />hotel rooms with convenient access to the <br />College Football Hall of Fame, as well as <br />Century Center and other entertainment uses <br />already downtown. The project will bring <br />12,000 sft of ground floor retail and a <br />parking garage consisting of approximately <br />363 spaces with at least 125 of these <br />available for private purchase or lease for <br />non-project use. Ninety-two permanent jobs <br />will be created. <br />Gameday has investigated the local market <br />for retail and parking facilities in the <br />downtown, in addition to its due diligence for <br />its condominium project. Synergies exist <br />that make the entire project economically <br />viable. However, certain site conditions exist <br />that present risks that challenge the viability <br />of the project, namely the removal of the <br />foundation of the former parking structure, as <br />well as the short length of the site. Market <br />conditions for parking spaces in the <br />downtown are generally unpredictable. So, <br />in order to mitigate these risks, the <br />development agreement provides an <br />assistance option should Gameday determine <br />the conditions exist to make the project less <br />than viable. This is a financing option <br />whereby the Commission purchases a portion <br />14 <br />