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South Bend edevelopment Commission <br />Special Mee in9 - October 10, 1979 <br />2. NEW BUS NESS (continued) <br />b. con inued... <br />Mr. Ellison: Professor, your time has expired, but would <br />you indicate the total development cost, something about <br />the rent structure, and some indication of construction <br />tim period? <br />Pro essor Stuermer: The construction time period would <br />be less than 18 months, which I am sure would be completed <br />bef re the mall was completed. The rent structure was <br />tre ded forward for a year and would probably be $8.00 to <br />$9. O a square foot range on the office floors, and perhaps <br />sli htly higher than that on the first floor. The total <br />dev lopment cost would be about two and a half million <br />dol ars. <br />Mr. Nimtz Are there any questions by members of the <br />Commission? In the interest of time, the chair will <br />allow limited questions by the press and the fourth estate. <br />Ms. Derbeck': You mentioned there was an industrial bank <br />thalt was willing to back you, where is the bank located? <br />Ir <br />lei <br />Mr. <br />:essor Stuermer: The Stevens Company out of Little <br />c, Arkansas. It is an industrial banker. We have a <br />:er of intent included in our proposal. <br />Nimtz: Thank you professor. <br />2nd Rehab Proposal Received <br />Mr. Ellison: Mr. Chairman, the second bid received was <br />su mitted by Rosenburg, Freeman & Associates which <br />Operates out of Ann Arbor, Michigan. After Mr. Butler <br />ch cks this bid, I will summarize their proposal as <br />they do not have a representative present today. <br />Mr Butler: A check in the amount of $1,000, which <br />I resume indicates a bid of $10,000. <br />Mr. Nimtz: The Chair now recognizes the Executive <br />Di ector, Mr. Carl Ellison, from the Department of <br />Re evelopment. <br />Mr <br />pr <br />bic <br />i ni <br />ar( <br />Bu <br />Ellison: Members of the Commission, and others <br />sent, the Rosenburg, Freeman & Associates firm put <br />ether a rather extensive document aside from the <br />packet. The document contains a great deal of <br />ormation regarding the proposed development. They <br />�essentially proposing to redo the Odd Fellows <br />lding by converting it to luxury apartments which <br />,5 <br />REHAB PROPOSAL FROM <br />ROSENBURG, FREEMAN & <br />ASSOCIATES <br />