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South Bend Redevelopment Commission Commissioners' Regular Meeting and Public Hearing June 2, 1978 7. PRO IORESS REPORTS, Continued: Mr. Nimtz: It has been discussed with us unofficially, let's say with cer ain members of the Commission. Ms. Mr. Ms . on, Derbeck: But he hasn't come as he did with the other body? Brownell: No. Derbeck: But that is Redevelopment -owned land that he wishes to build is it not? Mr. Wiggins: However, he has other conditions and other problems that he will have to have satisfied by the city before he would even want to be- com a bidder so I suppose that is the reason why he went to them first, wit out approval and help from the city to cover the request for the fed ral help based on the financing of the housing that he proposes in that, he wouldn't have a viable package so he's go to be sure that the citt is willing to ask for the Section 8 Housing that he wants and seek the granting of that before he's even in the market for the land, this is a kind of speculative—thing—it could go either way and until or unless he 's in that kind of position, he's not really asking us to put the land on he market so that he might bid on it and at this point we don't have oth r people who are asking that they might bid on it either—it's kind of hopeful sign at least. Ms. Mr. Ms. ins muc Derbeck: He did not get formal approval then? Wiggins: No, I don't think he put a formal request before the council. Derbeck: What I meant is now and then I hear people, Chris Murphy for :ance, saying that they don't think it is a good idea to have very i subsidized housing downtown. Mr. Wiggins: I think everyone is entitled to their own opinion, Brademas obviously thinks otherwise. Ms. Derbeck: Well, questions are being raised, is this the best us of the lan .. Mr. Wiggins: Apparently none of the developers have found a market at this point, this may change a year from now, but they have not found a signifi- cant market for housing that is not subsidized - that is luxury type housing, at least they don't feel they have, to propose building them. Ms. Derbeck: Well, perhaps it is because you do get the subsidy for this type of housing.. Mr. Wiggins: Well, there are limitations in that, so far as occupancy is con erned, but even in the housing that Tom is talking about, he quoted I_b lieve an expected price figure of $342.00 monthly rental costs per unil and that comes out a little salty for the ordinary run of housing. If 3ou are talking about luxury housing, you would expect more luxury than -7-