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Derek Dieter asked if the tenants were part of the investment group. Nemeth said no. In <br />response to Dieter's question as to other potential buyers, the Mayor said two others came <br />forward but were now on the sidelines. David Varner asked if the agreement could be in writing <br />48 hrs. before a vote so the Council could study the proposal? Varner also wondered why a <br />downtown TIF backed bond could be used for the city's share. <br />Mayor Luecke said using the general fund was easier, adding the targeted reserve of 20% of <br />annual operating expenditures was now actually at a 50% level. Varner then asked if the <br />deadline for Council action on the 19th was certain. Rich Hill said an extension could be <br />negotiated; but at a cost. Allowing comment from the public, Chairperson Rouse recognized Mr. <br />Dan lanello. He is President of the Nello Corp., a global communication tower firm. The Nello <br />Corp. occupies the entire 20th floor employing 35 people. He would have to consider relocating if <br />the Chase Building were not rehabilitated. Mark McDonnell, owner of the LaSalle Grille, said <br />South Bend cannot afford to see the Chase go dark. Linda Wolfson, an interested citizen said the <br />general well being of the downtown was important; but more information needed to be <br />forthcoming to build public support for the bail -out. <br />Chairperson Rouse adjourned the meeting at 5:55 p.m. <br />Respectfully Submitted, <br />Timothy Rous irperson <br />Community & conomic Development Committee <br />