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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 23, 2006 <br />6. NEW BUSINESS <br />D. South Bend Central Development Area <br />(5) Commission acceptance requested for a <br />Letter of Intent for 101 N. Michigan and <br />Commission owned property to the north <br />of 101 N. Michigan in the South Bend <br />Central Development Area. <br />Ms. Laurent noted that Michigan Street, LLC <br />has provided a Letter of Intent which <br />outlines its proposed mixed-use <br />condominium project for 101 North <br />Michigan Street (northwest corner Michigan <br />& Washington Streets), the former American <br />Trust Company Building. The building was <br />listed on the National Register of Historic <br />places in 1985 and is situated in the heart of <br />downtown - at the exact center. <br />The project envisions the purchase of the <br />Commission-owned parking lot located to the <br />north of the former Senor Kelly's restaurant <br />in order to facilitate a necessary addition to <br />the building at 101 North Michigan Street to <br />accommodate elevators to the upper floors of <br />the building, as required by the building code <br />and ADA standards. <br />To qualify for Historic Preservation Tax <br />Credits, the project will conform to the <br />Department of Interior's Standards for <br />Historic Rehabilitation. To make the unit <br />economics work, three components must be <br />undertaken: (1) The renovation of the facade <br />to make it attractive and marketable; (2) <br />construction of the addition to address issues <br />of accessibility and placement of <br />mechanicals; and (3) construction of two <br />adjoining multistory buildings, also to the <br />north, to develop critical mass. <br />10 <br />