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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 />continue ... <br />Staff has reviewed the preliminary project <br />scope and pro formas and asks that the <br />Commission formally accept the Letter of <br />Intent submitted by the Developer. Specific <br />to the renovation of the facade of the <br />building, to the extent that there is a defined <br />public purpose involved, it is suggested that <br />the Commission might assume an easement <br />for the facade in order to invest public dollars <br />in a coordinated effort with the Developer's <br />plans for rehabilitation of the interior of the <br />building. As the developer's design details <br />are being worked out, a refinement of the <br />Commission's participation will come <br />forward simultaneously, including firm <br />project budgets, before contractual <br />obligations are undertaken. It is hoped that a <br />development agreement incorporating <br />acceptable terms can be negotiated and <br />brought back to the Commission for approval <br />at a later meeting. The total project budget <br />for all phases is estimated at 8 to 10.5 million <br />in investment, including underground <br />parking provisions. <br />The "All American Plaza" is a project that <br />has been much anticipated in downtown <br />South Bend, and to the credit of Mike Wargo <br />and Brad Toothaker, it may come to fruition. <br />Mr. Toothaker noted that he and Mr. Wargo <br />acquired the bank building earlier this year <br />after much negotiation. They have done their <br />research and believe they have a workable <br />project. They'd like to begin the first of <br />three phases soon. <br />11 <br />