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South Bend Redevelopment Commission <br />Regular Meeting -December 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />() continued... <br />The principals and design team of Michigan <br />Street LLC are present today to make a <br />formal bid for the property and to give an <br />illustrated presentation of their project as it <br />has evolved from a development concept to <br />reality. Staff has worked with them as the <br />project has been refined and imaginative <br />solutions to design problems have come <br />about. Historic preservation can be <br />expensive and complicated. But, as these <br />gentlemen believe, it is both rewarding and <br />marketable. They worked closely with Todd <br />Zeiger, Historic Landmarks Foundation, to <br />ensure a sensitive end design. <br />As they will explain, their unit economics <br />work because of two critical components of <br />assistance they seek from the Commission. <br />(1) the potential of a second development <br />phase of new condominium and surface <br />parking construction made possible only by <br />the acquisition of the vacant lotto which the <br />Commission holds ownership; and (2) the <br />leadership of the city in directing and funding <br />the ea~erior facade renovations necessary to <br />achieve the Secretary of the Interior <br />standards for rehabilitation. This will allow <br />for a successful application for federal <br />historic tax credits. To do this the city would <br />be granted a permanent facade easement. <br />The Commission has expressed a willingness <br />to consider participating in this development <br />as a partner, upon submission of a final <br />development plan and with appropriate <br />private development demonstrated. The <br />6 <br />