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5. 1W BUSINESS (Cont'd) They would propose the development of Section 8 elderly housing facility on two acres on the far southeast corner of the parcel. They have an option agreement with two firms -- Oxford Develop- ment Company being one of those -- whereby if the St. Joseph River Bend Development Corporation is the successful bidder on this site and they are the successful bidder of the development of the 200 units of Section 8 housing, they then have an agreement whereby they would use that site. Mr. Taylor said this now puts them in a little "bit of a crunch," and I know you, gentlemen, understand the reason for taking bids, I think, today is so that these bids could be taken prior to the taking of bids on the elderly Section 8 housing. So it is very essential that the Redevelopment Department give prompt attention to these bids and make some kind of a decision, at least the kind of a decision where we can notify our optionees that they can go ahead and submit a bid.., possibly subject to HUD approval, since: I am fully aware that this- -any proposal we make--has to be approved by HUD, but since HUD would be approving both proposals, I don't see that that 'subject to' would discredit their bid. We do suggest, and I say suggest here, because I am not fully certain it is in con- formance with the land use, and in our proposal we state that- - we suggest a little convenience center lying in between the major office facility and the housing facility. This would be primarily to service the offices and the apartments in-this facility, although, of course, we would have some drive -in trade undoubtedly, and this would be just a small convenience -type center - -with a delicatessen, possibly a drug store, Laundromat possibly, a dry cleaning shop-- those types of facilities to service this area. Now, if the Com- mission feels that is a violation of land use, we are perfectly . willing to convert that to additional office space; although we think in the best interest for the whole development that is neces- sary." Among the principals of the St. Joseph River Bend Development Corpo- ration are South Bend businessman Jerry Hammes, contractor Eugene Muia, and Richard A. Rosenthal, Chairman of the Board and,Chief Executive Officer of the St. Joseph Bank and Trust Company. The St. Joseph Bank would manage and develop the property as Trustee for the Corporation. Mr. Taylor informed the Commission, "Our bid was made contingent on only one thing, and you have heard a lot about contingencies of bid. The only contengency that we state in our bid is that the Department. of Redevelopment proceed with the development of Block 6 -2, and that it be turned over to some governmental agency for perpetual maintenance and care. The reason being rather natural that this is what you said you were going to do, but we certainly want to be sure that it is carried out.' It will be a large con- tingency for the success of our project." Mr. Taylor said he would be happy to answer any questions anyone has. - 7 -