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South Bend Redevelopment Commission <br /> Regular Meeting—March 8, 2011 <br /> 6. NEW BUSINESS <br /> (A) South Bend Central Development Area <br /> (1) continued... <br /> of the LaSalle Hotel. Now frozen pipeshave <br /> caused the ball room to flood. Staff has <br /> acquired two quotes to repair the new <br /> damage to roof in the amounts of$1,000 and <br /> $675. Staff selected Morris & Sons Roofing, <br /> Inc. to do the repair to the roof at a cost of <br /> $675. In addition to the roof repair the <br /> flooding caused there was excessive damage <br /> to the ball room floor carpet which was <br /> consequently removed. CB Richard Ellis, our <br /> property manager for the LaSalle Hotel, <br /> removed the carpet at a cost of$1370. The <br /> water was removed from the floor and has <br /> dried out nicely. The baseboards do not <br /> appear to have excessive damage. Staff <br /> recommends acceptance of the quote from <br /> Morris & Sons Roofing and authorization to <br /> reimburse CB Richard Ellis for the cost of <br /> removing the carpet. <br /> Mr. Varner questioned whether there was any <br /> viable development project still under <br /> consideration for the hotel. Mr. Gibney noted <br /> that there are a steady flow of people looking <br /> at it, but the numbers don't quite work. <br /> There's been a new national allocation of <br /> New Market Tax Credits which could be a <br /> financial incentive. The interest is usually <br /> for either apartments, affordable condos or <br /> senior housing. People are very attracted to <br /> the outside of the building, the location and <br /> the view of the river. Mr. Varner questioned <br /> what the financing gap was. Mr. Gibney <br /> responded that it is about $2M as a taxable <br /> property. Price isn't the issue: the city will <br /> sell it for a nominal fee for a viable project. <br /> 10 <br />