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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 />of the parking structure at a price related to <br />the construction costs. This portion is subject <br />to a long-term lease to Gameday. Gameday <br />ultimately retains ownership. If Gameday <br />deems it necessary to exercise the assistance <br />option, the maximum commitment of the <br />Commission to the project as currently <br />contemplated will be $3.2 million with a <br />maximum of $3.75 million if the parking <br />facility significantly increases in size. <br />Design work is underway and construction is <br />anticipated to begin mid- to late-summer. It <br />is hoped the project will be completed in <br />time for the 12007 football season. <br />Staff recommends approval of the resolution <br />and development agreement. <br />Mr. Peterson explained the terms of the <br />development agreement and how we got <br />there. Gameday is in the condo business, but <br />wanted the opportunity to build the entire <br />parking structure to support this project. <br />Nevertheless, the market conditions for a <br />parking structure in the downtown are <br />somewhat volatile. The School Corporation <br />moving into the Century Building will <br />increase parking demand, and the surface lot <br />at 121 S . St. Jo seph will be to st to make way <br />for the parking garage. But the garage will <br />not come online until about a year later. So, <br />it's not certain that there will still be demand <br />for the 125 public spaces. <br />Mr. Peterson also noted that the site has some <br />15 <br />