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South Ben Redevelopment Commission <br />Special Me eting - February 26, 1979 <br />FLOOR DISCOSSIONS (continued) <br />Mr. Elliso : Yes, it is likely that the bank and the hotel will actually buy <br />the land Mat sits directly under their buildings. Whatever land they buy, they <br />will in to n lease air rights to the City to construct the below grade garage <br />within the project. They will then continue their air rights and build their <br />building oi top of the City's platform, which is actually the top of the City's <br />below grad garage. <br />Ms. Jeanne Derbeck: What would have happened, say if you received another <br />unexpected bid? <br />Mr. Elliso : We would have considered it, of course! When the Commission considers <br />a project, we take into account more than just the simple offer to purchase land. <br />We take in o account impact of the proposed project and the community benefits it offers. <br />The fact t at a project may come in with a bid, which is higher than the reuse value <br />of land wo 1d not necessarily mean that the Commission would judge that to be the <br />highest bet use to the land, and the best project to go with it. <br />Mr. John 4gel: With the UDAG grant you have a certain commitment here don't you? <br />Mr. Elliso : The Commission does not have the authority to exclude anybody from <br />future development on that site. If some other development were selected for that <br />site, yes, that would effect the UDAG grant. Certainly the Commission has the power <br />to do that if it so desires. But, the likelihood of a project of-a better scale <br />occurring is remote. I don't really expect any competition. <br />Mr. John 4gel: You could run the risk of losing the UDAG, is that correct? <br />Mr. Elliso : My advice to the Commission is that if there are competing projects <br />in the hopper, public interest probably suggests that the UDAG project is the best <br />one for the site. So, I would certainly recommend it to the Commission. <br />NEXT COMMI §SION MEETING <br />The next regularly scheduled meeting will be held on March 2, 1979, at 10 :00 A.M. <br />There bein no further business to come before the Commission, Mr. Robinson made <br />a motion t at the meeting be adjourned, seconded by Mr. Cira, and the motion was <br />unanimousl carried. The meeting was adjourned at 10 :53 A.M. <br />z, Prftident <br />Carl Ellison, Director <br />