RM 09-19-75 - Laserfiche WebLink

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5. OLDIBUSINESS (Cont'd 6 -1 B: Office Park: 7.17 acres. The take -down is one 1 year, but four (4) years for completion of construction. That is a number of buildings. 6 -1 C: Branch Bank: l acre. The take -down is six (6) months from the date of contract, and completion of construction is one (1) year after that. 6 -1 D: Major Office Facility: 3.5 acres. The take -down was originally four (4) years and they have now agreed to make it three (3) years for the take -down and completion of construction is 18 months. 6 -1 E: Convenience Center: 0.67 to lucre. This is a three 3 year take -down and one (1) year construction period. 6 -1 F: Housing: 2 acres. This is a three 3) year take -down and two (2) year con- struction period. The news media's questions on revealing the names of the investors at this time was answered by the Director and members of the Com- mission, that a portion of the bid was made public and those names released, and that the remaining are not required to be revealed according to HUD regulations. The contract has not as yet been signed, and when it is, it will be the firm's perogative. Mr. Lloyd S. Taylor, spokesman for the St. Joseph River Bend Develop- ment Corporation, said it is important to explain that what has happened here this morning is that we have had a period of negotia- tions. We have arrived in those negotiations on a common ground from which a contract can now be prepared. We still do not have a contract, and probably won't have, as suggested here, we may have one by the next Commission meeting, but that is where we are. Mrs. Allen asked if that now means that Block 6 is sold and will be developed? With the signing of the contract, Mr. Brownell said, "Yes." Mrs. Allen again brought up the other two very good proposals we have received and suggested the area across from Wyman's for develop- ment and suggested we concentrate on that area. The superblock was in limbo for 2 -1/2 years now and it is still sitting there. Now we are letting it sit there waiting for somebody to decide what they are going to do. Mrs. Allen suggested, "Let' s forget what anybody says they might do with the superblock and let's put that land up immediately at the next meeting for sale and have bids ready to go on that property." Mr. Taylor said we need to recognize that the market for a restaurant, the market for housing, the market for office space has been examined by International Constructors--14r. Medlock's group -- examined by SSPF, and it has been examined by them, and there is a certain market that does exist for those three types of use. However, just because there are three (3) potential - 10 -