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5. OLO BUSINESS (Cont'd Mr. Steinmetz advised, parenthetically, there was no secrecy about the officers and principal stockholders of the S -t. Joseph River Bend Development Corporation, but that they were simply not in a position, until all of the negotiations had been completed, to make this public, but that they are now in that position and are happy to do it. Mr. Steinmetz said in addition to himself, as President of the St. Joseph River Bend Development Corporation, are: George Herendeen, Vice President; Eugene Muia, Secretary; Joseph Fragomeni, Treasurer; and the additional investors are: Richard A. Rosenthal, Duane Bobeck, and Jerry Hammes. Mr. Steinmetz advised their group has a management contract with the Real Estate Department of the St. Joseph Bank and Trust Company, and they will be handling the development and the leas- ing of this property. Mr. Taylor gave a brief presentation of the model outlining the development of Block 6, located alongside the City's Plaza Park, immediately south of Jefferson Boulevard, from Colfax to Monroe all the way along the river, with a boat - docking facility, which is pretty well completed now. Then seven acres from the Grand Trunk Bridge up to the high- quality restaurant, the site will be developed as a professional "office park" consisting of eight to ten, one- and two -story buildings. A site is being reserved here of about three and one -half to four acres for a major office structure. However, if this does not come to be, Mr. Taylor said they will simply extend the office park into that. The others are a drive -in banking facility, a six - to eight- story, 200 -unit apartment for the elderly, a convenience center to include a delicatessen, drug store, cleaners and Laundromat, plus parking suitable to accommodate occupants and visitors. It is anticipated that the total development costs for the Block 6 project will be in excess of $14 million now that the plans are being formalized and the response from within and outside the community has been so enthusiastically favorable. Mr. Taylor also advised that negotiations are already underway with two prospective parties for buildings in the office portion of Block 6 and bids have been re- submitted to the Department of Housing & Urban Development for the 200 units of Section 8 Elderly Housing on the two -acre site at the far Southeast 'end of the property. He also said it might be of interest to some here on the Section 8 Elderly Housing, which is a Federal program for housing of the elderly, that HUD did take bids last summer and then rejected all of those bids. Now, as of December 15th, that project was rebid and we have furnished non-exclusive options to six different bidders on this particular site, and so he believed most of the bids are now being concentrated on this site. Mr. Taylor displayed a sche- matic drawing of one of the bidders proposed development of the 200 -unit elderly housing site. None of the bidders have been accepted as yet. This should probably get under construction next year, assuming that one of those bids is accepted by the De- partment of Housing & Urban Development. - 5 -